It wasn't news to any public investors that Fannie/Freddie is a quasi-governmental organization. Investors angered that they can't reap the rewards without payi

It wasn't news to any public investors that Fannie/Freddie is a quasi-governmental organization. Investors angered that they can't reap the rewards without paying for past/present/future risk and bad debt are also asking for more than they deserve. They were betting that they could spin off the government's stake after the government did their dirty work for them. The stock price should have been their signal that the government was wiping out that hope.