"(Side note: Fannie Mae and Freddie Mac had higher default rates than traditional lenders. I'm sure there's an entire blog post for the implications of this fact alone.)"
On the other hand, this blog indicates the other way:
Given that the first figure is for all households, including those owned free and clear, it's pretty likely that Fannie and Freddie are seeing substantially lower default rates than the rest of the industry.
http://thurbersthoughts.blogspot.com/2009/02/chicago-tea-par...
"(Side note: Fannie Mae and Freddie Mac had higher default rates than traditional lenders. I'm sure there's an entire blog post for the implications of this fact alone.)"
On the other hand, this blog indicates the other way:
http://seekingalpha.com/article/82074-six-quotes-from-fannie...
I'm more inclined to believe a random HN comment than a random blog, but it would be nice to have a source either way.