How the plan’s goals would be met remain vague — for example, the proposal offered options for Fannie Mae and Freddie Mac to raise the capital they would need to go private, such as engaging in a stock offering, but it did not specify which options the administration prefers. Many are recommendations for congressional action that are unlikely to be enacted anytime soon.

Several are likely to draw condemnation from housing advocacy groups. Those include overhauling federal affordable housing requirements and setting restrictions that could discourage the companies from investing as heavily in mortgages for apartment buildings in areas like New York that have adopted rent-control laws. The administration says such laws impede housing development and the report calls upon regulators to revisit Fannie’s and Freddie’s standards for buying multifamily housing loans in rent-controlled areas, asserting that “scarce government subsidies should not be used to offset the adverse effects of these laws.”

Privatization could also bring a windfall for hedge funds and other investors that bought Fannie Mae and Freddie Mac stock after the crisis for pennies, then pushed the administration to hasten the process.

Some recommendations require congressional action, which could disappoint investors who had hoped the Trump administration would move quickly to bolster the companies’ financial cushion, then sell the government’s stakes in them. Treasury Secretary Steven Mnuchin, who has long advocated removing Fannie Mae and Freddie Mac from government control, has also said that he believes that they should be restructured in the context of broader housing finance legislation.

The proposal kicks other key decisions to the Federal Housing Finance Agency, an independent regulator led by a longtime champion of free-market competition in home lending, Mark A. Calabria.

Mr. Calabria has said repeatedly that he has the authority to start the process of returning Fannie Mae and Freddie Mac to private hands without Congress. In a recent interview, he said he expected to take steps this fall to allow the firms to begin building cash reserves by Jan. 1.

Currently, the entities are required to send all profits to the Treasury Department, above a certain capital limit. Mr. Calabria said he expected that practice to end shortly, though the report did not explicitly call for that. He also said the process of returning Fannie Mae and Freddie Mac to private hands, including raising money from a possible stock offering, could take years.