From The Times‘ Floyd Norris on the Bush administration’s takeover of Fannie Mae and Freddie Mac:
Who could have forecast that it would be under the Bush administration, which talked about restraining the growth of these behemoths, that they came to totally dominate the mortgage markets? Now the administration wants to have it both ways in that area as well. Fannie and Freddie are ordered to start shrinking — in 2010, after a new president will be in office. Until then, they are supposed to grow.
More on the takeover (and replacement of management) of the mortgage finance companies here.