I have been in an ongoing argument with a friend J. Stein as to what the structure of Fannie Mae was prior to 2008 in terms of government involvement. He believes the government has always ran the corporation since its inception, despite countless sources showing in 1968 they became publicly traded companies ran by a board that was elected by shareholders. I understand that being a GSE there are certain regulations they must follow set forth by the government, but that is no different from any other business. To what extent did the government play in the operation of Fannie Mae prior to the takeover in 2008?