Washington is doing its utmost to leave no homeowner behind.

Central to this effort are Fannie Mae and Freddie Mac, the two government-sponsored enterprises that guarantee or own some $5,000bn of US mortgages and mortgage-backed securities. As battered banks have pulled back, so Fannie and Freddie have in effect become the mortgage market – their combined market share of new originations hit 76 per cent in the fourth quarter of 2007.