I can agree that we need to address how Fannie and Freddie operate. It isn't as if there is only one problem, either. The GSEs took on too much leverage. They started buying sub-prime mortgages. They had a finance structure that made no sense at all. It isn't just a problem for people that want a mortgage, for shareholders, or for people that have been outgunned by GSE lobbyists. It is an issue that should concern anyone that pays taxes. Taxpayers have been forced to recapitalize the GSEs.
But even when all of that is acknowledged, the ongoing value of the GSEs is irrefutable.