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Franklin Delano Roosevelt created Fannie Mae in 1938 as part of his New Deal. 

Fannie Mae is a bankrupt failure.  This is a proven fact.  Freddie Mac is bankrupt.  Fannie Mae is a bankrupt failure like the 'looted' social security 'pension' plan which is another progressive, ticking time bomb run by the federal government.

Massive CORPORATE WELFARE and political corruption investigations to follow? 

Fannie and Freddie were run by Democrat Party elites.

The dual collapse (Fannie/Freddie) is a 1000 times bigger than the Enron scandal; a 1000 times bigger than the WorldCom scandal and a 1000 times bigger than the Tyco scandal.  The CEOs of Enron, WorldCom and Tyco were sentenced to life in prison. 

BTW - Ken Lay died of a heart attack on his way to prison...

Where are all these Democrats going to be making their 'perp walks' because the American people want to watch? 

Where are all these progressives who still think Roosevelt's policies were smart going to be imprisoned?  As the systemic injustice of these progressive ponzi schemes are exposed to the American people, the American people are learning powerful lessons.

http://news.yahoo.com/s/politico/20080716/pl_politico/11781;_ylt=Aqra8AQGuKZ7chQBIo7D5e2s0NUE

Asked about the Community Reinvestment Act on 'The View' (an ABC Television Production), President Bill Clinton said Fannie and Freddie had lots of money in the 90s and he gave the money to poor people for sub-prime loans.

http://observerjournal.com/2008/09/29/asked-.aspx

Observer Insight:

Franklin Delano Roosevelt, who possessed a border-line idiotic level of understanding of free market capitalism,created an endless number of goofy, socialized, government-run federal programs which have all been ticking time bombs and all have failed just like Fannie Mae. 

http://hnn.us/articles/1849.html