Trump’s team is exploring ways to monetize the U.S. government’s stakes in mortgage giants Fannie Mae (OTC:FNMA) and Freddie Mac (OTC:FMCC), with an initial sale of up to $30 billion possible “as early as this winter,” according to TD Cowen.

The White House is focused on “government profits rather than raising new GSE capital,” analysts said, adding that the plan would “remain a conservatorship for the GSEs” with “implicit government support.”

TD Cowen warned that monetizing the government’s investments in Fannie and Freddie is more difficult than it may seem.

Key hurdles include shareholder rights, board control, valuation, fees, and restrictions on GSE activities, as well as “the possibility of a GSE merger before any sales.”

The bank said President Donald Trump has a “path” to take forward, but it would involve “political risks that could impact both his popular support and Republicans’ prospects in the midterm elections.”

Despite these challenges, TD Cowen sees reason for optimism that the administration could begin selling, even if not in the winter.

One possibility is that “Trump could simply do it despite the political and market risks,” a tactic the firm calls a “tariff approach” similar to his trade policy decisions.

Another option would be to sell the stake to a “foreign sovereign wealth fund” or hand control of the assets to a “newly formed domestic sovereign wealth fund,” both of which TD Cowen believes “may involve less market and political risk.”