The future of Fannie Mae and Freddie Mac is becoming cloudier. Legislation in Congress and a clear lack of support at the Treasury are harbingers of political difficulties ahead. Perhaps more important is the fact that these two government-sponsored enterprises (GSEs) are growing faster than the housing market. By...

The government takeover of Fannie and Freddie was necessary because of their massive losses on more than $1 trillion of subprime and Alt-A investments.

Are differences in treatment due to deliberate discrimination or other (less invidious) factors?