Five steps. The shares go to the children.

By executive action, the President contributes Treasury’s shares of Fannie Mae and Freddie Mac into the Trump Account of every American child under 18. Those shares stay, and they are designated for a first-home down payment or purchase. Then comes the orderly conservatorship exit. As that conservatorship exit materializes, those shares could rise in value.

The order is immediate: the warrants are exercised and the PSPA letter agreement is done. Then the New York Stock Exchange listing, then the shares go into the children’s Trump Accounts, then FHFA removes the duplicative capital buffers and dividends start, then the orderly conservatorship exit by December 31, 2027. No forced share sales: Treasury sells no common into the market, and the shares go directly into the Trump Accounts with no middleman.