I don't typically comment on financials or real estate that much these days but I this weekend I saw an article in the Wall Street Journal and it made me smile. Fannie Mae (FNM) and Freddie Mac (FRE) have been buying and guaranteeing mortgages in greater and greater numbers during the course of the real estate implosion. Their basic operation is to securitize mortgage loans originated by private lenders in the primary mortgage market into mortgage-backed securities, which are bought and sold in the secondary mortgage market. They have been nearly like a lender of last resort as banks have worked overtime to get mortgages off their balance sheets. As you may know, when the real estate bubble burst and homeowners began to default, Fannie and Freddie increasingly came under pressure and needed a bailout to the tune of about $100 billion. These government sponsored enterprises are now essentially owned by taxpayers. As a card-carrying taxpayer, then, I was pleased to read the a...