"The status quo with the [Government-Sponsored Enterprises] remaining in conservatorship is the most likely scenario," Zandi tells ResiClub. "This is the most likely scenario as it is consistent with the status quo and current mortgage rates. The housing finance system has worked very well since the GSEs were put into conservatorship in 2008. And the GSEs have been effectively privatized through their credit risk transfers to the private sector. Those advocating for taking the GSEs out of conservatorship need to explain what the benefit of privatization is." 2. Release of Freddie Mac and Fannie Mae with an "implicit government guarantee": 20% probability "Release of the GSEs as systemically important financial institutions (SIFIs) with an implicit government guarantee like that which prevailed prior to the GSEs' conservatorship," says Zandi.