Making Fannie Mae and Freddie Mac nonprofits is a proposal made by the National Association of Realtors as reported in the Wall Street Journal. Many details would have to be rolled-out not to mention resolving the political issues challenging this proposal.
The proposal for these bohemouths does raise for conversation two questions: 1) the role of the nonprofit effectively "replacing" government and 2) what kind of governing body would need to be in place to ensure that the two organizations, as nonprofits would be effective and efficient?
So, interesting idea but these two questions really must be answered to move forward this way. I for one am glad there's a Fannie Mae and Freddie Mac and have a difficult time perceiving if and why a nonprofit status and structure would address the challenges faced to date -- is not their mandate one which is best achieved by government? I also have a very difficult time conceiving of how the governing bodies might be constructed at least partially free from political drivers which would in effect, not make the organizations any different as nonprofits than as extensions of the government.