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Speculation abounds about the government takeover of ailing mortgage giants Fannie Mae and Freddie Mac. Who wins and who is left hanging? Forbes.com offers a succinct analysis:

BAILED OUT!

The largest banks especially those like Bank of America with large mortgage lending capabilities, which may get to take over some of the Fannie and Freddie business.

Homeowners may be able to refi their existing Fannie or Freddie mortgages at lower rates and avoid foreclosure.

New home buyers who might obtain lower rates if the government chooses to inject more liquidity into the mortgage market.

Short sellers of Fannie and Freddie common stock–the companies’ shares slid more than 80 percent on Monday after the weekend’s announcement.

Holders of Fannie and Freddie debt, including foreign governments and central banks. They are more likely to be repaid now.

Homebuilders and home improvement companies if the bailout stabilizes the housing markets.

TWISTING IN THE WIND!

Fannie and Freddie’s stockholders who may lose their entire investment.

Taxpayers who will foot the bill for bailing out the companies and repaying their debts.

U.S. Treasury debt owners as prices have fallen because of an increased government debt burden.

Fannie and Freddie employees, facing even more uncertainty about their futures.

Lobbyists, who will lose Fannie and Freddie as clients.

Politicians and others who received financial and other backing from Fannie and Freddie.

The CEOs of Fannie and Freddie who are now unemployed and probably deserve it.

Commercial banks that hold Fannie and Freddie preferred shares.