Industry observers note that, despite its bold pronouncements about a public offering for the GSEs, the Trump administration still has not addressed the key issues that make this a risky proposition.

Legislation could prompt a study by the GAO to see if a secondary market for securitizations of acquisition, development and construction loans would help increase the supply of new-built homes.

FHFA Director Bill Pulte’s decision to rescind or amend existing agency guidance on fair lending and fair housing requirements has muddled the compliance requirements for Fannie and Freddie.

Pershing Square founder Bill Ackman, who earlier this year pitched a swift end to the conservatorship, now says it could take as long as three years. He also has some near-term suggestions.

FHFA’s bid to reduce the GSEs’ low- and very-low-income benchmarks was praised by some lender groups, but disparaged by affordable housing advocates.

According to an analysis by a former FHFA economist, GSE market share ranges from 14.5% in Eagle Pass, TX, to 67.0% in Boulder, CO. Except for Puerto Rico, these disparities are widest in the South and Southwest.

Trump administration hinted a GSE stock sale might resemble its recent Intel deal, potentially seeding a national sovereign wealth fund.

Industry insiders worry that mixed signals from the Trump administration makes complex decisions, like ending the conservatorship, more difficult.

A proposed rule change could spell the end of FHFA regulations requiring the GSEs to file triennial equitable housing finance plans.

Republicans may hope to use any windfall the government gets from selling its stake in the GSEs to offset revenue cuts in their “Big Beautiful Bill,” but housing advocates have other ideas.