Bill Ackman, chief executive officer of Pershing Square Capital Management LP, center, during the company's initial public offering (IPO) on the floor of the New York Stock Exchange (NYSE) in New York, US, on Wednesday, April 29, 2026.

Michael Nagle | Bloomberg | Getty Images

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.…