The Treasury’s plan would benefit hedge funds, but be a loss for everyone else. : (Bloomberg Opinion)—It’s official: The Trump administration has a plan to deal with mortgage giants Fannie Mae and Freddie Mac — by returning them to the same quasi-governmental form that set them up for failure in the 2008 financial crisis. If executed, it’s likely to be a win for a small coterie of hedge funds, and a big loss for everybody else. Fannie Mae and Freddie Mac play a central role in U.S. housing finance.