Obstacles like how to deal with the implicit guarantee and excessively high capital requirements make it unlikely that the GSEs will exit conservatorship under Trump, though the chances are higher than before his election.

The Trump administration’s failure to name acting directors for key federal agencies leaves them either under the control of Biden appointees or without a presidentially appointed leader.

FHFA directors have typically been technocrats with backgrounds in housing finance or federal regulation.

The administration hasn’t come up with a business plan to replace the current system.

The debate over how to end the conservatorships of Fannie Mae and Freddie Mac hinges on whether rating services would downgrade the GSEs if they exit without an explicit government guarantee.

TRACE trade data on non-agency CMOs isn’t released until 18 months after the transaction, leaving customers at the mercy of dealers when it comes to pricing information.

Bill Pulte, Trump’s choice to run the FHFA, is a scion of a homebuilding industry giant, but his background is mostly in private equity and philanthropy.

Republicans, who have long opposed the bi-merge credit scoring model, now control Congress. That, combined with Trump’s “regulatory freeze,” could spell the end of this part of credit report reform.

Nonbanks handled 60.1% of the $6.56 trillion of GSE single-family servicing as of the end of 2024.

Scott Bessent, nominee to head the Treasury, didn’t mention the GSEs in his confirmation hearing last week.