GSE's (potential) move out of conservatorship

If the Trump administration could be commended for consistency and the ability to maintain focus, top on that list would be GSE reform.  Word has come that both GSE's have retained banks as advisors (Morgan Stanley by Fannie Mae and JP Morgan by Freddie Mac) for the purpose of “developing plans to boost capital, evaluating market impacts and timing and analyzing valuation” with the “aim of returning Fannie and Freddie to the private market and facilitate the road map out of government control.”

Hence, it's a good time to bone up on the myriad sticky issues around any move out of conservatorship for the GSE's. Former Freddie CEO Don Layton's post in the Joint Center for Housing Studies blog late last year would be an excellent place to start. In it, he refers to a paper that includes a make-believe memo with fourteen considerations to an investment banking exec who would conceivably be interested in assuming the lead underwriter role.  

One notable point - "The two GSE's together will need common equity well in excess of $100 billion between them.." By comparison, Saudi Aramco holds the title for the largest IPO in history at $25.6 billion.  Clear incentive for this massive job.