Fannie and Freddie ride again

摘要

Where there is crisis, there is also opportunity. The turmoil afflicting parts of America's giant residential mortgage market has already claimed dozens of casualties, including two Bear Stearns hedge funds that bet the wrong way on structured products backed by loans to subprime borrowers. But Fannie Mae and Freddie Mac, the government-chartered siblings that tower over the market, spy gold in the rubble—or at least a chance to polish their tarnished reputations.