Who is Fannie & Freddie?

We've all been hearing about the US government (aka you and me) taking over the two of our largest financial institutions. But what we haven't been hearing is what the impact will be. It seems that there are some initial positive impacts, but what is to come seems to be in debate. For now, if you're not familiar with who Fannie Mae and Freddie Mac are, check out this short video explanation from Joel Singer of the California Association of Realtors.