Fannie Mae and Freddie Mac Begin Large-Scale Bond Purchases
Catch up on the weekend's top five stories with this list compiled by The Fly: 1) Fannie Mae (FNMA) and Freddie Mac (FMCC) have begun placing sizable orders to purchase mortgage-backed securities, Scott Carpenter of Bloomberg reports, citing a person with direct knowledge of the matter. The government sponsored entities are seeking to capitalize on the selloff while expanding its portfolios of bonds and loans, the source told Bloomberg. 2) Elon Musk's Terafab project will be built in Austin and run by Tesla (TSLA) and SpaceX, Kara Carlson and Loren Grush of Bloomberg reports. Musk said he plans to start off with an "advanced technology fab" in Austin with the equipment necessary to make chips of any kind and test them, with plans to start with a smaller scale fab before moving to a larger one. 3) Baldwin Group (BWIN) disclosed yesterday morning that on March 13, it entered into a $146.7M contract amendment with an agency of the U.S. government, bringing the value of the total contract to $177.7M. The original contract was entered into in December 2025. Bowman's services are expected to be completed over 36 months. 4) OpenAI intends to double its headcount by the end of the year, aiming to grow to about 8,000 employees from about 4,500 employees currently, George Hammond and Stephen Morris of The Financial Times reports, citing two people with direct knowledge of the matter. The new hires will work mostly in product development, engineering, research and sales. 5) Volkswagen (VWAGY) CEO Oliver Blume said the company's restructuring process is underway and will continue even as its order backlog rises, Verena Sepp of Bloomberg reports, citing German newspaper Bild am Sonntag. Volkswagen is applying "clear manufacturing targets" to all of its plants, Blume told the newspaper.
