The next phase in conservatorship for Fannie Mae and Freddie Mac has been laid out for legislators.

The Federal Housing Finance Agency was established through The Housing and Economic Recovery Act of 2008, which was signed into law by President George W. Bush in July 2008.

By the time that the financial crisis reached a fever pitch in September 2008 and capital markets froze up, the government determined that it was time to place Fannie and Freddie under the conservatorship of FHFA, where both companies remain today after costing U.S. taxpayers more than $180 billion.

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