ERCF Capital requirements to exit jail

Can anybody interpretate in their own words what was discussed regarding the ERCF for either Fannie or Freddie on their earnings call last week?

I am reading from other opinions on X, if they don't reduce the capital buffer CET1 from 4.5 to 2.5% massive dilution is on its way.

So just wondering If there was any general opinion on what was discussed and possible theories regarding this??