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  "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
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      "text": "We believe releasing the GSEs from conservatorship could generate ~$300 billion for taxpayers, while maintaining the same availability and affordability of mortgage financing that exists today with the GSEs in conservatorship",
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      "text": "Treasury’s warrants are a hidden asset on the government balance sheet that we estimate could be worth more than $300bn over time",
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      "text": "We believe there is a clear path for Fannie and Freddie to become fully recapitalized and exit conservatorship within the next two years",
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      "text": "Releasing the GSEs from conservatorship does not require any action by Congress. Fannie and Freddie can each exit conservatorship as soon as they receive approvals from Treasury and FHFA",
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      "text": "Net worth sweep suspended by Secretary Mnuchin in January 2021",
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      "text": "The 2008 conservatorship was always intended to be temporary",
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      "text": "The GSEs now hold $131bn of capital, up from effectively zero prior to President Trump, due to earnings retention facilitated by this suspension",
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