The federal government has been quietly fighting to keep a lid on an 11,000-document cache of government communications relating to financial policy. The Obama administration ... insisted that their release would negatively impact global financial markets. Unsealing some of these materials last week, a federal judge named Margaret Sweeney said the government's sole motivation was avoiding embarrassment. So what's so embarrassing? A sordid history of the government's seizure of mortgage giants Fannie Mae and Freddie Mac, also known as the government-sponsored enterprises, or GSEs. Bailout-era Fannie and Freddie was turned into a kind of garbage facility for other Wall Street institutions, buying up toxic mortgages that private banks were suddenly desperate to unload. Even after the state took over the companies ... Fannie and Freddie continued to buy as much as $40 billion in bad assets per month from the private sector. Fannie and Freddie weren't just bailed out, they were themselves a bailout, used to sponge up the sins of private firms. The government ended up pumping about $187 billion into the companies. Within a few years ... Fannie and Freddie started to make money again. The GSEs went on to pay the government $228 billion over the next three years, or $40 billion more than they owed, [but] none of that money went to paying off Fannie and Freddie's debt. This ... prompted a series of lawsuits. In these suits, the government's pleas for secrecy were so extreme that it asked for, and received, attorneys' eyes only" status for the documents in question.