First off, here’s a rundown of the situation. I would definitely check out those links if you’re interested in more info. But for this particular question:
Are Fannie and Freddie Too Big to Fail ?
Is Bear Stearns Too Big to Fail ?
“too big to fail” — why is this wrong?
A (Sort of) Debate on Too Big to Fail
Fannie, Freddie Failure Would Be World ‘Catastrophe’
Beware the Moral Hazard Trivializers
What firms are allowed to fail ?