Project 2025 Tracker / What’s done, what’s next

22. Department of the Treasury · Major

End the Fannie Mae and Freddie Mac conservatorships and privatize them

Not started

706 22. Department of the Treasury

“Treasury plays a role in funding the conservatorships of Fannie Mae and Freddie Mac. It should work to end the conservatorships and move toward privatization of these massive housing finance agencies.”

What has happened

  1. Not started

    Fannie Mae and Freddie Mac remain in FHFA conservatorship. The only congressional step is H.R. 1209, the End of GSE Conservatorship Preparation Act of 2025, which would require Treasury to send Congress termination proposals; it was referred to the House Financial Services Committee on 2025-02-11 and has had no further action. FHFA issued no rulemaking on ending the conservatorships in the window, and its own conservatorship page still states that the Enterprises "continue to operate under conservatorship, as they have since 2008."

Research log

What was searched, and what didn’t count as evidence

Research notes

  • Every Federal Housing Finance Agency document in the Federal Register for the window was listed (jq 'select(.agencies[]?|test("Federal Housing Finance"))' over fr-rule, fr-prorule, fr-notice): 2026–2028 Enterprise Housing Goals (proposed 2025-10-02, final 2025-12-23), Enterprise Duty to Serve (proposed 2026-06-24), private-transfer-fee covenants (2026-03-17), fair-lending plans, stress-test orders. None touches conservatorship exit, the Enterprise Regulatory Capital Framework, or the Senior Preferred Stock Purchase Agreements.
  • The FHFA FY2026–2030 Strategic Plan put out for comment on 2025-10-15 (https://www.fhfa.gov/news/news-release/u.s.-federal-housing-requests-input-on-new-strategic-plan) proposes three goals — oversee the Enterprises, supervise the FHLBank System, manage agency operations — and, unlike the 2021 plan, does not carry a “prepare for exit from conservatorship” goal. Read but not used as Evidence: absence in a draft plan is not an event.
  • The last concrete framework for an exit is the Treasury/FHFA amendment to the Preferred Stock Purchase Agreements announced 2025-01-02 (https://home.treasury.gov/news/press-releases/jy2767), which restored Treasury’s consent right over any release. It is a lead, not Evidence: it predates 2025-01-20 and is the previous administration’s act.
  • Reporting on a possible public offering (e.g. mpamag.com, seekingalpha.com) is off the allowlist and, on inspection, traces back to that January 2025 PSPA amendment. No allowlisted source shows an IPO, a receivership, or a release from conservatorship.
  • EO 14393 (2026-03-13, “Promoting Access to Mortgage Credit”) was read in full: it directs the bank regulators and FHFA on mortgage rules, capital and appraisals, and says nothing about ending the conservatorships.
Action
eliminate
Object
Fannie Mae and Freddie Mac conservatorships
ID
1984