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The latest update is out from Federal National Mortgage Association ( (FNMA) ).
On February 23, 2026, Fannie Mae launched fixed-price cash tender offers to purchase any and all of a wide range of outstanding Connecticut Avenue Securities (CAS) Notes across multiple 2017–2023 series, with individual classes priced slightly above their original principal amount. The offers, managed by BofA Securities and Wells Fargo Securities and supported by Global Bondholder Services Corporation, are set to expire at 5:00 p.m. New York time on February 27, 2026, with settlement expected on March 3–4, 2026, enabling Fannie Mae to actively manage its CAS liabilities and potentially streamline its risk-transfer capital structure while providing liquidity and a premium exit to noteholders.
Holders who validly tender their CAS Notes by the expiration time will be eligible to receive the stated tender consideration, which incorporates February 25, 2026 certificate percentages, plus accrued and unpaid interest up to but not including the settlement date. By targeting any and all of the specified CAS tranches, including those held through various CAS REMIC trusts in which Fannie Mae is the sole beneficial owner, the transaction could modestly reduce outstanding credit-risk transfer obligations and refine the company’s funding mix without altering its core role in the mortgage market.
The most recent analyst rating on (FNMA) stock is a Buy with a $13.00 price target. To see the full list of analyst forecasts on Federal National Mortgage Association stock, see the FNMA Stock Forecast page.
Spark’s Take on FNMA Stock
According to Spark, TipRanks’ AI Analyst, FNMA is a Neutral.
The score is held down primarily by weak technicals (price below key moving averages with negative MACD) and very unfavorable valuation (extremely high P/E and no dividend). Financial performance is mixed: strong profitability and growing equity are outweighed by very high leverage, cash-flow volatility, and questionable 2025 comparability, while the earnings update was generally solid but still flagged credit and capital shortfalls.
To see Spark’s full report on FNMA stock, click here.
More about Federal National Mortgage Association
Federal National Mortgage Association, known as Fannie Mae, is a U.S. government-sponsored enterprise operating in the secondary mortgage market, where it provides liquidity and stability by purchasing and guaranteeing residential mortgage loans. The company issues and manages structured credit products, including its Connecticut Avenue Securities (CAS) program, which transfers mortgage credit risk to private investors.
Average Trading Volume: 4,896,065
Technical Sentiment Signal: Buy
Current Market Cap: $9.32B
Learn more about FNMA stock on TipRanks’ Stock Analysis page.