Conservative critics of the housing-finance system say preserving the status quo is more likely than a release from conservatorship or a government monopoly.

Don Layton said the recent executive order promoting better access to mortgage credit should be the stepping off point for a revamping of the GSEs’ overly conservative capital requirements.

Analysts are increasingly skeptical that the Trump administration will follow through on plans to recapitalize and release the GSEs. Some seek broader reform.