DRAFTING TO DO TWO THINGS AT ONCE.

DRAFTING TO DO TWO THINGS AT ONCE. FNMA and Freddie Mac were supposed to provide the best of two worlds–part private companies and part public. The government got a say in their policies, but they were not on the government balance sheet, not part of the national debt. They were able to take risks that a private company could not take because maybe the government would stand behind them. And then things changed and in some ways they provided the worst of both worlds.