If billionaire Mike Bloomberg starts looking like a front-runner in the 2020 presidential elections, putting out stock offerings on Fannie Mae and Freddie Mac could prove difficult.

Just like previous budgets proposed by President Trump, the 2021 version stands little chance of getting passed by Congress. But it does provide a win-dow into the administration’s priorities.

The agency has picked Houlihan Lokey Capital to help it identify any financial, regulatory or market risks in its path to take Fannie Mae and Freddie Mac out of conservatorship.

Since the launch of the single security, investors have increasingly turned to the use of specified pools rather than the TBA market, said Bob Ryan, a former FHFA official and one of the architects of the UMBS.

FHFA Director Mark Calabria walked back the idea of using a consent decree as part of the agency’s plan to recap and release Fannie and Freddie from conservatorship.

Analysts ponder whether the administration is committed to making key reforms to the GSEs in the midst of an election year.

Senate Banking Committee members are seeking more information on the administration’s plan to release the GSEs from conservatorship.

In a partial ruling, the U.S. Court of Federal Claims has allowed a collection of lawsuits challenging the net-worth sweep to go to trial.

The re-proposal means the industry can expect extensive revisions. Nevertheless, the FHFA said the move will not affect the timeline for the recap and re-lease of Fannie Mae and Freddie Mac.

Craig Phillips, the former Treasury point man on housing reform, told industry insiders that the recap and release of Fannie and Freddie should “really respect the rights of the current shareholders.”