Wesdawg, I've considered this several times as well. The current gap between Fannie and Freddie is among the largest observed (0.30!) in recent memory.
The only issue with flipping shares around is that Fannie seems to move well on technicals and Freddie seems to dog Fannie. Therefore, IMO, it's been a little more difficult to gauge Freddie's movements and therefore, harder to predict tops/bottoms. Fannie always seems to trade at a premium, so you'll have to pony up the difference if you want to buy back Fannie. However, I'm sure it is a good strategy if executed properly. These are my rambling thoughts and personal observations, so please do not consider them too strongly.
You should ask Usmcvet. I think he's done this recently.
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