Fannie, Freddie Come Full Circle : Planet Money Fannie Mae and Freddie Mac find a new line of work. They're bidding to manage the home loans Treasury would buy from banks as it soaks up bad mortgage bets.
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Fannie, Freddie Come Full Circle

From Reuters:

Mortgage finance companies Fannie Mae and Freddie Mac have each bid to manage home loans the U.S. Treasury will purchase under its multibillion dollar program to soak up bad mortgage bets, said two sources familiar with the companies' bid.

. . .

"They ... have some skills in this area," said James
Lockhart, the chief regulator for the companies that are now in
government-run. "Whether it is contacts with the banks that
hold these loans. Whether it is servicing or whatever."