Fannie Mae and Freddie Mac, the world’s largest mortgage financing companies, announced the firms they will use as financial advisers for a future share offering, another step toward exiting their 12-year government conservatorships. Fannie Mae, the bigger of the so-called government-sponsored enterprises, said it has chosen Morgan Stanley while Freddie Mac said it will use J.P. Morgan. Together, the two companies guarantee more than half of the $11 trillion outstanding U.S. home loans. The newly announced advisers will help take Fannie and Freddie through steps that are necessary to leave federal conservatorship, including reviewing their business plans and strategies for recapitalizing the companies. “We look forward to working with J.P. Morgan to continue meeting the milestones necessary to begin our new chapter as soon as possible,” said David Brickman, Freddie Mac’s CEO. “At the same time, our focus on supporting borrowers, renters and lenders in the face of COVID-19 is stronger than ever.” In the dozen years since the companies were seized in 2008 by the federal government, which said they were on the brink of insolvency because of investments in subprime bonds, almost all of their profits have been directed into the coffers of the U.S. Treasury. The bailout was a good deal for taxpayers. Combined, the companies have paid $120.6 billion more to the federal government than they received in bailout funds.