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.