Investors still hold shares in Fannie and Freddie stock, and they have been pushing hard for the government to give up control, said Felix Salmon in Axios. Hedge fund billionaire Bill Ackman, an ardent Trump supporter, has been especially outspoken in urging privatization. But this is not the first time the U.S. government has sought to get out of the mortgage guarantee business. The Biden administration, too, wanted to end the conservatorship but didn't "find a way to do so." Taking Fannie and Freddie private enjoys broad support. But doing it in a way that "doesn't destabilize the housing market or unnecessarily raise mortgage rates" is a challenging proposition.