Shares of Fannie Mae and Freddie Mac, the mortgage giants under U.S. government control since 2008, surged to multi-year highs on Friday after federal agencies revealed a framework for their "orderly" release from conservatorship.

The U.S. Treasury Department and the Federal Housing Finance Agency (FHFA) said on Thursday they had amended their agreements with the companies to help ensure that their eventual exit from conservatorship is not disruptive.

The agencies would also solicit public comments before either of the so-called "government-sponsored enterprises" is released from federal control, they said.

Exiting conservatorship would mark a key milestone for Fannie and Freddie, which were created by the Congress to support the housing market by ensuring affordable mortgage financing, but crumbled after being severely bruised during the 2008 financial crisis.

They were bailed out with taxpayer funds, and the Treasury received preferred shares in return. Since then, efforts to return them to private control have continued, including under the first administration of Donald Trump.

The latest update comes just weeks before Trump is scheduled to take office for a second term.

"Treasury will consult with the President prior to consenting to a release of the GSEs from conservatorship," according to the statement.

Earlier this week, billionaire Bill Ackman said he expects the incoming administration to remove the GSEs from conservatorship.

Fannie and Freddie could head toward a potential public listing around 2026, he said.

Fannie's shares were last up 24.4% at $4.23, hitting their highest since 2017. Freddie Mac climbed 23.2% to $4.15, touching levels not seen in over eight years.