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Why Was Wall Street Blindsided by Fannie, Freddie Wind-Down?

Stocks in this article: FNMA FMCC GM

Fortunately for Ackman, Sen. Pat Toomey (R., Pa.) wants to stop this train. He wants private investors given a share of the profits. He calls it "fair treatment."

In his statement, Toomey specifically mentions a pension fund in his own state as a victim of the wind-down. Ackman -- who is this Ackman of which you speak?

Toomey is not alone. Liberals also have their own concerns.

When the Johnson-Crapo plan was announced, Sen. Sherrod Brown of Ohio expressed concerns to Politico, based on his desire for affordable housing. Crapo said in his press release the bill before the Senate will "eliminate affordable housing goals."

The only surprise here, of course, is that there is a surprise here.

For almost five years, congressional negotiators have been working to close down the two agencies. Sens. Mark Warner (D., Va.) and Bob Corker (R., Tenn.) offered a bill to do this last year, dubbed S. 1217. Credit Union Insight predicted last month a new bipartisan bill would be coming "soon."

The two agencies got their bailout. The two agencies are paying back their bailout, in full, something General Motors (GM) can't say.

Do speculators such as Bill Ackman, who bet wrong on continuing Washington inaction, now deserve their own bailout?

At the time of publication the author owned no shares in companies mentioned here.

This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.

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