Government-sponsored mortgage giants are facing headwinds in current market conditions. The $200 billion MBS purchase initiative, while intended as market support, doesn't fundamentally alter their operational challenges. In fact, such interventions highlight structural pressures that may necessitate significant capital raising. The most plausible path forward involves taking these institutions public through IPO channels, allowing them to strengthen balance sheets and access equity markets directly. Market cycles suggest we may be at an inflection point where traditional mortgage finance faces pivotal shifts, potentially reshaping how institutional investors should position themselves within this sector.