Housing finance aficionados like the prospect of a GSE exit from conservatorship that includes the retention of the Treasury’s PSPA, especially if done in conjunction with a sovereign wealth fund.

The creation of a U.S. sovereign wealth fund could grease the skids for an end to the conservatorships of Fannie Mae and Freddie Mac.

Analysts worry that FHFA’s more hands-on intervention in GSE management may hint at the return of the net worth sweep and the dashing of any hopes of an end to the conservatorships.