It wouldn't hit me or the 20K or so other people in NOVA waiting for the housing prices to drop very hard at all. Nor would it adversely effect the hundreds of private mortgage lenders that Fannie Mae's fat behind has crowded out of the market.
I know people living in NOVA. One has about 5 acres and a nice three bedroom home and paid about $ 80,000 for the whole shebang last year.
Fannie holds about 2 trillion dollars of debt. Fannie is probably bankrupt but you have to hope that out of the 2 trillion, at least 1.5 trillion is salvageable.
Freddie is probably solvent and is much smaller.