Quasi-governmental financial firm Fannie Mae on Wednesday announced a partnership with defense tech player Palantir (NASDAQ:PLTR) to detect mortgage fraud, deepening ties between the federal government and a company that has been a big winner in the second Trump administration.
Priscilla Almodovar, Fannie Mae CEO, said Wednesday at a press event that the goal is for the firm to “identify fraud more proactively” with the help of Palantir, starting with its multi-family housing business.
An early test showed that Palantir’s technology, which includes elements of artificial intelligence, could identify fraud in seconds that took human investigators two months to find, she said.
Shares of Palantir have jumped more than 140% since President Donald Trump’s election win in November. The technology stock has roles in both modernizing the U.S. military and helping to cut costs in government, making it a seemingly strong fit for the administration’s stated priorities. CEO Alex Karp said Wednesday that the mortgage fraud detection can be done in a way that “protects the underlying data and protects the privacy of the people submitting their forms.”
The announcement comes as there is a push to potentially bring Fannie and Freddie out of conservatorship and re-establish them as something closer to independent companies.
PLTR shares dipped 53 cents to $123.23.
