New GSE stress test results released by the Federal Housing Finance Agency this week reveal what many in the industry have been talking about for the past year: Because Fannie Mae and Freddie Mac are not allowed to build capital, they would be forced to tap Uncle Sam once again for cash assistance should a financial calamity strike the nation. If a severe recession hits, Fannie and Freddie would need Treasury draws ranging from $84.4 billion to $190 billion, depending on the treatment of deferred tax assets, according to new calculations made by the GSEs and the FHFA. Adjustments to DTAs have allowed the two to book huge earnings the past year, but those accounting adjustments are now running out.