The Treasury Market Practices Group released a white paper identifying how a change in the ownership structure of Fannie Mae and Freddie Mac could impact the broader financial markets.

Since the Iran war started, interest rates have returned to where they were when President Trump directed the GSEs to purchase $200 billion in MBS and most analysts say GSE reform is now off the table.

Republicans are poised to introduce a bill that would codify reforms of the GSEs that have been completed administratively. The bill would also establish a utility model framework for Fannie Mae and Freddie Mac and alter how calculations are made to annual changes in loan limits.