By backing the $5.2 trillion in Fannie/Freddie indebtedness, the United States has essentially doubled its public debt load.

Foreign Bondholders Drove the Fannie/Freddie Bailout

By William Patalon III
For anyone who still doubted the growing global influence of such emerging powerhouses as China, consider this: The U.S. government’s decision to take control of foundering mortgage giants Fannie Mae (FNM) and Freddie Mac (FRE) was driven not by worries about the fading U.S. housing market, but by concerns that foreign central banks in China, Japan, Europe, the Middle East and Russia might stop buying our bonds.
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