Fannie executives were forced out after investigating evidence of potential wrongdoing by FHFA Director Bill Pulte, sources say.

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.

Mortgage industry stakeholders pump the breaks on GSE reform while the administration still seems to have its foot on the gas.

Although behind the scenes conversations between the Trump administration and mortgage industry players have made some observers more optimistic about GSE reform, plenty of critics remain unconvinced.

Industry analysts at a discussion hosted by the Bipartisan Policy Center detailed numerous complications involved in ending the conservatorships of Fannie Mae and Freddie Mac.

The agency is appealing a jury verdict awarded to GSE shareholders for losses related to the net worth sweep. FHFA is also facing a lawsuit tied to an untimely response to a FOIA request.

Trade groups representing credit unions pushed back against suggestions that the institutions are creating risks, and called for status quo on certain GSE policies post-conservatorship.

Although FHFA Director Bill Pulte recently put the value of the GSEs at $1 trillion, most estimates are between $300 billion and $600 billion. Meanwhile, Commerce Secretary Howard Lutnick suggested that only a small portion of the GSEs will be sold via a stock offering.

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

Stress tests show that, even under scenarios considerably worse that the 2008 financial crisis, Fannie Mae and Freddie Mac would likely remain profitable and continue to support the mortgage market.