The future of the US mortgage finance giants Fannie Mae and Freddie Mac is discussed in depth in this episode of Bloomberg Intelligence’s Votes and Verdicts podcast. BI's Ben Elliott speaks with Don Layton, former Freddie Mac CEO and JPMorgan vice chairman, about President Donald Trump’s push for a GSE stock offering and why such a transaction alone wouldn't constitute a meaningful exit from conservatorship. Layton examines whether release could be achieved before January 2029, the extensive groundwork around capital and policy that would need to come first, and the future of Treasury’s senior preferred stock and warrants. He also discusses which post-crisis reforms and taxpayer protections must survive, what can be accomplished administratively and whether conservatorship could become the permanent political equilibrium.