[Orangedog]

That's because they are faceless, government-sponsored enterprises in a complex, loosely regulated, highly leveraged monopoly business that has engaged in questionable accounting practices and put billions of taxpayer dollars at risk

This is a massive under-statement. If Fannie Mae and Freddie Mac were to suffer the same fate as Enron due to not having enough reserves to cover defaults, it would make the collapse of the tech bubble look like a walk in the park. Right now, new and existing home sales are just about the only thing keeping us moving ahead.

[plusone]

I have to admit I really don't understand these two GSE's. But from what I read, I think this might be a bigger scandal than the S&L bailout (read: most massive taxpayer ripoff of the century) of the 1980's. Anything gov't backed is open to massive abuse.