Interesting take on this. I'm long fnma and I agree with much of this. I just try to keep in mind, though, how common it's been recently for for our gvt to act in an unprecedented and unconstitutional way. And it doesn't even cause a blip on the radar screen of most people when it happens. If this goes to supreme court, for instance, should we trust them to protect private property? Check out the infamous Kelo decision and you'll see private property is no longer promised any protection. Then last summer they ruled that the gvt can force us to buy something we might not want to buy. And Look at how bond holders were treated w/ the GM thing. We need to face it: our gvt is completely out of control and therefore there is still some considerable risk in assuming that they will do the "right thing" on fnma and fmcc. We can hope for that and we might be rewarded big time. But we shouldn't assume. Hence the risk is still inherent. We should hope that if only for their own vanity, our leaders will do the right thing. But we should assume they will drag their feet, attempt to keep this cash cow for as long as possible, and will attempt to circumvent the 5th amendment at every turn. And we should hope that they eventually fail, because that's how it needs to be. If there wasn't the element of an aggressively unconstitutional gvt at play here, I'd be piling downright unhealthy and unreasonable amounts of $ into FnF! As it stands now, I'm in it significantly, maybe more than I should be, even. But I'm still trying to keep my head level with respect to the gvt angle. They can be unpredictable and sometimes they simply do what they want, regardless of our existing laws. Let's just hope that what they want ends up being in sync with what we want for FnF!
