On the right wing of the Republican Party, fully mobilized for the hotly contested presidential election, the nationalization of Fannie Mae and Freddie Mac unleashed a firestorm.27 The Treasury did its best to ward off allegations of cronyism by imposing a punitive dividend for the capital it contributed, wiping out the GSEs’ existing shareholders. The American Bankers Association rallied to the administration, calling on Republicans to support the rescue effort. But it was immediately countered by the conservative Club for Growth, a key right-wing lobby group funded by the Koch brothers.
