Treasury Secretary Steven Mnuchin suggested in a Senate hearing that Fannie and Freddie may not have enough capital to exit conservatorship before Trump leaves office.

Andrew Bon Salle, who runs Fannie’s single-family business, will be leaving later this year. Also, several other key GSE executives are planning departures, according to former and current staff.

The trade group reiterated that Fannie and Freddie should not be permitted to exit conservatorship until further systematic, wholesale and long-term reforms are made permanent.

The move suggests the GSEs’ public offerings — estimated by some to be worth as much as $200 billion — may take place in the midst of the worst economic crisis since the Great Depression.

With combined assets worth about $6.1 trillion, Fannie Mae and Freddie Mac will need to set aside roughly $250 billion in leveraged capital in order to comply with the new rule.

Pushing back on the criticism, FHFA Director Mark Calabria said servicers appear able to withstand a substantially deeper economic downturn.

Milbank has won a one-year, $3 million contract from the FHFA to provide legal services related to ending the conservatorships.

The $13 million Milbank contract, which follows the agency’s February selection of Houlihan Lokey as its capital markets advisor, suggests the FHFA remains committed to recap-and-release.

In a contract worth up to $45 million over four years, the M&A specialist will help FHFA develop “a roadmap to responsibly end the conservatorships” of Fannie Mae and Freddie Mac.

Hiring of a financial advisor marks a significant milestone toward ending the conservatorships of the GSEs, says FHFA Director Mark Calabria.