Given the financial and political hurdles that stand in the way of releasing Fannie Mae and Freddie Mac from conservatorship, it may be only a second- or third-tier issue for the Trump administration.

Lenders doubt the changes agreed to by FHFA and Treasury will hasten the end of the conservatorships; they may even delay it.

Treasury and FHFA agreed on some guidelines for how the process of getting the GSEs out of conservatorship will work. But they didn’t set that process in motion.

Even if lawmakers can’t agree on how or whether to release the GSEs from conservatorship, there are incremental steps they can take, according to former FHFA Director Mark Calabria.

The hedge fund billionaire predicts Treasury will write off its senior preferred shares in the GSEs and exercise its warrants for 80% of their common stock.

Some industry groups are calling for a legislative solution to ending the conservatorships; others say FHFA and Treasury can do it themselves.

More and more industry insiders believe the Trump administration will attempt to release Fannie and Freddie from conservatorship.

The real estate investment trust sees positives in agency MBS despite concerns around the future of the GSEs.

Old industry hands like Mike Calhoun of CRL and former FHFA acting Director Ed Demarco say getting the GSEs out of conservatorship might be more complicated than the Trump administration believes.

Although a Republican victory in November might revive efforts to release the GSEs from conservatorship, this would likely be a multi-year effort, according to the former FHFA director.