The massive portfolios of Fannie Mae and Freddie Mac continue to draw flak, with representatives of the Treasury Department and FM Policy Focus recently launching renewed salvos at the GSE’s investment holdings. Both sounded similar themes, expressing concern over the growth and size of Fannie’s and Freddie’s portfolios, the increasing concentration of risk they represent, the complex hedging transactions required to manage them, and the disconnect between them and the GSEs’ public mission. …