I own Fannie Mae shares, so I care. :/
The reason for everyone else to care is that the GSEs have only $3B in capital for trillions of assets. In a downturn, they will suck billions right back out of government when the government needs it most.
The other concern is that banks are hoping to hamper FnF and take their business in much more profitable private label MBS. In the Recession, those had a much higher default rate than FnF MBS.
The mechanism for achieving this would likely be raising G fees, which would raise borrowing costs.
Not to mention that the conservatorship is a de facto nationalization unauthorized by Congress that no one voted for.
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