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Why Paulson and Others Are Betting Big on Fannie and Freddie

Investors hope to see the mortgage giants move out of conservatorship.

Although John Paulson could blame bad timing for his losses in gold this year, he faults Congress for thwarting his latest game plan: the privatization of government-­sponsored Fannie Mae and Freddie Mac. Paulson & Co. is one of several prominent hedge funds that have bought junior preferred stock in the

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