Markets are ablaze with expectations that Trump II will bring back Fannie/Freddie 1.0. Could it be? Maybe, but markets were ablaze with like-kind expectations in November 2016, and it still took the White House until January of 2021 on its way out the door to lay out a privatization plan the Biden team promptly filed in the bin. A lot better will need to happen a lot faster for anything different to happen this time around. Given the complexities both financial and political, this seems unlikely absent statutory reform by a Congress perennially unable to bring itself to do so.
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