Among the messes President Clinton made for President Bush to clean up, we can now add Fannie Mae, Freddie Mac and the housing loan crisis.The government announced Sunday that it would take over the Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (FHLMC), better known as Fannie Mae and Freddie Mac."The Bush administration's seizure of troubled mortgage giants Fannie Mae and Freddie Mac is potentially a $200 billion bet that it will help reverse a prolonged housing and credit crisis.  The historic move announced Sunday won support from both presidential campaigns, but private analysts worried that it may not be enough."The companies, which together own or guarantee about $5 trillion in home loans, about half the nation's total, have lost $14 billion in the last year and are likely to pile up billions more in losses until the housing market begins to recover."Two hundred billion dollars might not be enough.How did President...(Read Full Post)