The news: Citigroup CEO Jane Fraser met with President Donald Trump to propose a public stock offering for mortgage giants Fannie Mae and Freddie Mac, per Bloomberg. The proposal is part of a larger push by Wall Street executives who see the deal as a potentially large source of revenue.

Why this matters: The two firms have been under government control since the 2008 financial crisis. A public offering could give them a combined value of $500 billion—one of the largest in history, per the Wall Street Journal. This would create a significant opportunity for banks to earn revenue from stock sales and underwriting fees.

In addition, the deal brings attention to the secondary mortgage market. Large banks are looking to gain market share in this segment traditionally served by Freddie Mac.

Potential blowback: But this move isn’t without risks. According to Bloomberg, critics believe it could raise mortgage costs for US consumers by potentially removing the government guarantee that keeps these firms’ prices low. While this could level the playing field among mortgage providers, it’ll ultimately cost consumers more.

Given that already-high mortgage rates are keeping consumers from their homeownership dreams, banks’ involvement in this decision could leave a bitter taste in customers’ mouths. And it could contradict banks’ marketing efforts positioning themselves as financial partners helping consumers secure home loans. As a consequence, banks’ competitors that weren’t involved in this process could use it to differentiate themselves as having customers’ backs.

Our take: IPOs take time, and this one would be an especially massive undertaking. In his first term, President Trump attempted to privatize the two firms and was unsuccessful, highlighting the rocky road ahead. This leaves the next steps and timeline murky, but we will be closely watching developments.