In late December, The Washington Post and Wall Street Journal took aim at the GSEs in their editorial sections, just 10 days apart. The Post’s editorial board noted that mixing politics and money makes for “unholy alliances,” referred to a push by both Wall Street hedge funds and low-income housing advocates to recapitalize and release Fannie Mae and Freddie Mac from conservatorship. “These unlikely allies want to end government control of the two entities and put shareholders back in charge, as if their collapse and federal bailout in 2008 never happened,” stated the editorial. Investors Unite, a shareholders trade group, put out statements this week saying that both editorials were riddled with flawed facts and assumptions. “It was obvious...