Wachovia may hold FNM shares, but at the same time they are one of the ones who will benefit the most from this action, since they have tremendous exposure to the mortgage industry (remember they bought Countrywide) and stand to gain much of the mortgage business that FNM now controls.
If you are a Bull in the mortgage market, that would be true. I do not see any profits in the next 5 years. Too much garbage that needs to be "rescued" by our Fed. There is a long road out of the woods here.
Wachovia is screwed as far as I see. They are exposed to a blindside hit in the next few months.
It was Bank of America that bought Countrywide.