The implication of benefit to past property markets in your presentation is unmistakable. You Argument is good and factual. Perhaps some clarification and end direction could be added.

As long as low interest rates and reasonably easy interest costs prevailed, with related increase of values in property price, the world applauded the ingenious initiation and continuing operation of Fannie & Freddie. When President Johnson made the Agencies "Independent", as a GSE's, it wasn't quite true! Political appointees were inserted, operational adjustments were created to fit each ongoing administration's philosophies and this began the debt and over-leveraging that continued through 2007. There was a lagging and deadly misunderstanding of debt containment. Operating efficiencies suffered because of the political insertion of employment and philosophies. Fiefdoms were created internally until finally the market correction of 2008 occurred that exceeded poorly constructed hedging attempts. The losses magnified and the need for hundreds of billions to a probable trillion dollars of taxpayer money will be required. There now remains a still conflicted entity that may survive because of the reduction of property values that reduce future risk. Unfortunately, unless one believes that a government that changes management and philosophy every period of years and, that has the worst record of running Quasi private companies, it will once again recycle in similar fashion. My advice is to give Fannie to a competent Fund such as PIMCO or Blackrock, have the Treasury fund it initially, and allow it to be better managed.