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Fannie Mae, Freddie Mac rally as Ackman presses for conservatorship exit

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The midterm elections could be a turning point for the release of Fannie Mae and Freddie Mac from government control, according to billionaire investor Bill Ackman.

Investors may agree with him, if the rally in both stocks is any sign.

The Federal National Mortgage Association, known as Fannie Mae, and Federal Home Loan Mortgage Corporation, or Freddie Mac, have each jumped more than 60% from Oct. 14 to Monday's close. The stocks were both up roughly 3% on Tuesday.

Ackman, the founder of Pershing Square Capital Management, has long pushed for the two entities to be released from federal conservatorship.

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