The U.S. government may soon return Fannie Mae and Freddie Mac to private markets less than two decades after turmoil nearly toppled the mortgage industry.

Fannie Mae and Freddie Mac support the U.S. mortgage market. The two were placed into a strict form of government oversight called "conservatorship" in 2008 as the global financial crisis mounted. This has at times limited Fannie's and Freddie's ability to raise capital.

Housing observers see an opportunity to fundamentally remake a system to close the gap on serving historically marginalized communities.