Has the mortgage industry been nationalized?

I got this article off of Rush Limbaugh dot com, at the bottom. This article from the Washington Post states that the U.S. mortgage market has been nationalized and that this is leading to a lot of risky loans being made that are backed by the U.S. taxpayer--basically the same situation that lead to the current economic situation, except on a larger scale. I won't go off on how the government is growing in its size and power. The main focus is the economic ramifications.

"Only one lender of consequence remains: the federal government, which undertook one of its earliest and most dramatic rescues of the financial crisis by seizing control a year ago of the two largest mortgage finance companies in the world, Fannie Mae and Freddie Mac. While this made it possible for many borrowers to keep getting loans and helped protect the housing market from further damage, the government's newly dominant role -- nearly 90 percent of all new home loans are funded or guaranteed by taxpayers -- has far-reaching consequences for prospective home buyers and taxpayers. The government has the power to decide who is qualified for a loan and who is not.[...] At the same time, taxpayers are on the hook for most of the loans that are still being made if they go bad. And they are also on the line for any losses in the massive portfolios of old loans at Fannie Mae and Freddie Mac, which own or back more than $5 trillion in mortgages. There is growing evidence that many loans being guaranteed by the government have a significant risk of defaulting. Delinquencies are spiking. And the Federal Housing Administration, another source of government support for home loans, is quickly eating through its financial cushion as losses mount.[...] Taxpayers could be hit with a staggering tab even if a small proportion of loans go bad. Fannie and Freddie now own or guarantee more than $5 trillion in home loans. (That equals two-thirds of the debt the U.S. government owes.) And many could be in trouble. Mortgages owned and backed by the companies often required down payments of no more than 10 percent. With housing prices down sharply, many borrowers are underwater, owing more than their home is worth, so they cannot sell or refinance to pay off troubled loans. As the economy has deteriorated, delinquencies are spiking and losses are mounting. In the past year and half, the companies have posted more than $150 billion in losses. Similar risks threaten to engulf FHA. Nearly 8 percent of FHA loans at the end of June were either 30 days late or in the process of foreclosure, according to the Mortgage Bankers Association. That compares with 5.4 percent of such loans a year ago."

The recent economic crises has lead to very dramatic changes in the government's influence in the economy. The main point is that there are a lot of bad loans out there and the U.S. taxpayer is responsible for a lot of these bad mortgages. If you know how the current economic recession was caused; you can see that this is very similar to how it happened, except this time the taxpayers as a whole are responsible for these mortgages. This, combined with other factors such a national debt, could bring the economy much closer to a real collapse in the future than the recent economic troubles did about a year ago. I think this could possibly be a big factor in creating a real economic collapse in the future. Although the Nation will pull back from some of these bad economic policies and the proverbial cliff, I can gather from a lot of different articles that I read that the foundation for a near collapse of the economy is being laid that will be of concern some years down the road. Anyways an article worth reading that will keep one up to date on the current economic climate and possibly give an indication of where the economy could be going.