Fannie and Freddie were redundant from the git-go. We already had FHA and VA loans for smaller down payments. Private mortgage insurance filled in the chinks for people who did not have the requisite 20 to 30% down payments. Since Fannie and Freddie's bones have been picked clean through raids by community organizers, the pickers are moving n to suck the FHA program dry. I have covered this at www.MusingsbyMarian.com
Fannie and Freddie should be shut down immediately. We are victims of embezzlement who refuse to prosecute in hopes of recovering some of the money. Ain't going to happen, folks.