Future Shock for 'Frannie' Debt.

The author reflects on the U.S. government's move to strengthen Fannie Mae and Freddie Mac. He says that government action will be temporary and the enthusiasm for the bailout plan could wane. When government support facilities expire after 2009, no one knows what the firms will be like. In politics, anything is possible and one has to ask holders of Fannie's and Freddie's preferred and common stock, the author concludes.