Sen. Barack Obama, the Democratic nominee, has said the companies are a "weird blend" and that "if these are public entities, then they’ve got to get out of the profit-making business, and if they’re private entities, then we don’t bail them out."

U.S. Near Deal on Fannie, Freddie – WSJ.com

My guess is that the end for Fannie Mae and Freddie Mac is closer than most people thought. My only question was the  continued political support from the Democratic party to maintain the status quo through the election. It looks like the doomsayers have won the battle and the equity issue in the two companies is too critical to ignore for two months. It looks like the companies are in for some serious restructuring and turmoil.