FNM are going over the loans that they took. They are returning the ones that had fraudulent applications or where the Banks made mistakes or lied. This should remove many of the loans that are on their books. I think that this is possitive.
It's great that they are getting around to dumping the bad loans back to the banks originating those loans. I thought when the housing bubble burst that FNM & FRE should have written off the bad loans and moved on; but this approach is much better - in fact GREAT!