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Fannie Mae (FNMA) and Freddie Mac (FMCC) are being set up to be the two most predictably profitable utilities in America. If there is anything institutional investors love it is predictable profitability. The problem with them right now is their capital structure. In the world of possible analogies the one that best explains what is happening here is like a rocket getting ready to launch into orbit. The purpose of this article is to try to explain why I think it will pay to buy at these prices and wait for