@rros
fhfa hasn't defined what the consent decrees will look like but I believe 1) it is necessary for GSEs to be out of conservatorship once they do offerings, as the power for evil represented by a HERA conservatorship must no longer apply once new investors pony up cash (and once released from conservatorship the GSEs cannot easily be put back into conservatorship in the absence of another FC), so that 2) the consent decrees will constitute contracts between fhfa and GSEs that will pertain to the GSEs operations (ie no more building up of whole loan portfolios, charge g fees of x etc), so that fhfa maintains whatever controls it believes it needs until the GSEs satisfy the capital rule, at which time, one presumes and hopes, the consent decree falls away.