It all Depends
Weighing into the GSE-evolution question with its formidable analytical might, CBO today assesses a likely administrative solution in which the GSEs retain all of their earnings for a limited period of time following which common stock goes again on offer to the public and Fannie and Freddie go back to being Fannie and Freddie more or less as they were pre-2008.  But, as with every time we’ve modelled this option, CBO concludes that whether it works and how fast depends on a raft of policy, financial, macroeconomic, and political assumptions.

GSE-081920.pdf