FBR Capital Markets analyst Ed Mills noted in a report last week that both an announcement from the Treasury Dept. and an accompanying statement from FHFA regarding the accelerated wind-down of Fannie Mae and Freddie Mac cited the FHFA's February proposal. He saw those citations as a bullish sign for private mortgage insurers. KBW's George believes it is likely to be at least a year before any the government formalizes any rule creating a bigger role for mortgage insurers. In the meantime, unwelcome surprises in the legacy books of the publicly-traded mortgage insurers could send their shares down sharply. For those willing to be patient and with a high tolerance for risk, however, the payoff looks to be substantial. -- Written by Dan Freed in New York. Follow this writer on Twitter.