The question of "who wins" the Herbalife Battle does not matter, in part, because both Icahn and Ackman (opponents in the Herbalife battle) are long fannie.
These billionaires disagree about Herbalife, but they both agree Fannie Mae is undervalued. A third billionaire, Berkowitz, is also long on Fannie/freddie.
Interestingly, no billionaires have openly "shorted" fannie mae, at least not recently. The billionaire consensus: Buy Fannie Mae.
You can listen to the billionaire consensus, OR you can listen to the hot air of "along4zride's" and his doomsday hypothesis, who has much less, or no money at all, invested. I think I will go with the billionaires.