If I read that right, you're saying:
I borrow money from bank -> who sells the loan to FNM & FRE -> who is sponsored by the government?
So essentially no one should be careful about who they loan money too since they can always get bailed out?
Isn't that exactly why there's a housing crisis? Isn't that exactly why it should be privatized? Wouldn't banks be much more careful about who they loan money too if they themselves were at risk?