Trading in Fannie Mae’s and Freddie Mac’s debt securities was stung last week by reports that foreign investors were unloading their holdings in the wake of Freddie’s accounting problems. Early in the week there were reports that the closely-watched European Central Bank was unloading GSE bonds because of concerns about the potential political repercussions of Freddie’s problems and the possibility the U.S. government might take steps to reduce its involvement with all GSEs.