Fannie Mae (FNMA)

[LuLeVan]

Perhaps because they want the $150 billion or so that would come from new shareholders in the IPO as additional "first loss capital." Otherwise, Treasury would have to pay for MBS credit losses in the event of another real estate downturn.

At worst, even the SPS could become worthless if a new housing crisis emerges. In an IPO, on the other hand, the government earns up to an additional $100 billion on its "investment".

If the courts do nothing, why would the administration and/or congress give up 100% control over the enterprises and the shareholders economic rights?