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Housebuyer beat me to this story in the comments:
"NEW YORK (Reuters) - Fannie Mae and Freddie Mac are in discussions with U.S. government officials to join government programs aimed at reducing mortgage balances where borrowers owe more than the values of their homes, the Wall Street Journal reported on Tuesday citing people familiar with the situation."I've kept this post by Calculated Risk in the back of my mind since last August: Nonsense Rumor on Fannie and Freddie.
I thought at the time that it sounded like a political rumor as well, but I was more suspicious than he that there was a grain of truth in it.
More here from the WSJ: Fannie, Freddie Pressed on Mortgages