As the Senate put the final touches on its plans to eventually nationalize health care in the country, the Obama administration via its Treasury Department quietly completed the government takeover of the housing industry.

On Christmas Eve, Treasury announced that it would provide unlimited support to Fannie Mae (FNM) and Freddie Mac (FRE) for the next three years. All losses they incur will be funded by the taxpayer and instead of mandatory reductions in their mortgage portfolios, the two will be permitted to once again grow their asset base.