Is this why Congress is being asked to bail out Freddie and Fannie?

New American, The, Sept 29, 2008 by John F. McManus

"[China's central bank] has been on a buying binge in the United States over the last seven years, snapping up roughly $1 trillion of Treasury bonds and mortgage-back debt issued by Fannie Mae and Freddie Mac."

Reporting that the main bank in China is in need of capital, Keith Bradsher of the New York Times provides some of the rationale for the United States, already heavily in debt to the Beijing government, to supply funds taken from U.S. taxpayers that will keep the two mortgage giants from defaulting.