Fannie Mae and Freddie Mac were chartered in 1938 and 1970, respectively, as government-sponsored enterprises (GSEs) to ensure a stable supply of credit for mortgages nationwide. After operating independently for decades, the two GSEs were placed in federal conservatorships in 2008. In January 2025, the Federal Housing Finance Administration announced that it will seek comments on options to end the GSEs' conservatorships.

This report addresses seven key issues that might arise as CBO estimates the budgetary effects of potential legislation or administrative actions that could result in selling the Treasury's ownership stake in the GSEs and releasing them from government control.