Michael Burry said Fannie Mae and Freddie Mac now look like worthless stock after both mortgage giants gave back most of their post-election gains. According to BeInCrypto, Burry said he made a move in both stocks this week, while warning that Treasury’s senior preferred stake could leave common shareholders down at least 90% if converted into common stock.

Burry said the shares formed a head-and-shoulders top and noted that neither government control nor a cut to Treasury’s claim has happened yet.