Barney Frank, champion of financial regulation and former proponent of GSEs, is now recommending that Fannie Mae and Freddie Mac be abolished.

Quite a turnaround, no?

Well, actually maybe not.

He just wants them abolished in their current form, according to Dow Jones.

So that would probably mean the abolition of the pointless FNM and FRE penny stocks that continue to trade.

There's no indication, however, that he wants to abolish the essence of the GSEs, which is that the government will do whatever it is to support housing.