What can be done with Frannie? We love her and we need her. But we have to get along without her, or at least learn to live without relying on her so much. Frannie is an amalgam of Fannie Mae and Freddie Mac, the two government-sponsored enterprises that became government-run operations after the financial crisis left them insolvent. The two mortgage giants were managed differently, but the distinctions did not turn out to be very important. So I’ll combine their names and call them Frannie.