Fannie Mae’s recent accounting controversy and the lack of any major backlash from GSE investors suggests that there continues to be a widespread belief that the U.S. government would bail out any GSE that failed. That’s the conclusion of economists at the Federal Reserve Bank of Atlanta, who recently updated their research on GSE operations and recommended that both Fannie Mae and Freddie Mac be required to carry more capital. Researchers Robert Eisenbeis, Scott Frame,…