Another Government 'Sneaky Pete' Move; So Much for Openness at Fannie and Freddie

Fannie (FNM) issued an 8k yesterday confirming what Mike DeMarco at FHFA said Thursday regarding the Agencies' involvement with a new program to finance home construction.

Basically Fannie and Freddie (FRE) are going to be the new bankers for HFA (Housing Finance Agency ). Treasury is buying the debt for this, so the taxpayers are at risk. It is not that big a deal, yet. It starts out with a modest $28b.