The Washington Post reports today that the Obama administration is considering reorganizing Fannie Mae and Freddie Mac, the giant government-backed mortgage lenders. The plan calls for a "good bank-bad bank" structure, where toxic assets and bad liabilities would be stripped from Fannie and Freddie and put in a government-backed "bad bank," leaving "two healthy financial companies with a clean slate."
Back in January, Citibank split in what some characterized as a good bank-bad bank move. The "bad bank," Citi Holdings, promptly acquired a (very obvious) nickname. What should the very bad bank that will hold all of Fannie and Freddie's bad assets be called? I suggest "Crappy Mac." You?