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

Bill Ackman is pressing for the release of Fannie Mae and Freddie Mac from government conservatorship, arguing the midterm elections could mark a turning point for the two mortgage giants. The hedge fund manager's campaign lifted shares of both companies, which have traded under government control since being placed into conservatorship in 2008. Ackman has argued that exiting conservatorship would unlock value for shareholders and reduce the government's footprint in the housing finance market. The push comes as investors watch for signals from Washington on whether policymakers will advance a long-debated overhaul of the housing finance system. What to watch next is whether the midterm results shift the political calculus enough to move a release plan forward.