Well the nationalisation of an institution similar to Fannie and Freddie has happened before. In the early 1990's the Norwegian government was "forced" to take similar steps. They bought up a huge bank there and then gradually sold it off. Over the long term the stock price of that bank recovered very well.
As far as buying the Bank of America I'm not going to give any advice one way or another (I'm not a single stock guy yet, and in any event I would never give advice to people I don't know on the internet!). That being said you should be careful with US financials. (A) Make sure the bleeding is done before you dive in and (B) US banking has not always been a great investment. In fact before this latest run you were underwater more than positive as an investor. Unfortunately I don't have time to dig out the chart and scan it in here to show everyone, but suffice it to say that US financials are not the fantastic bargain that they may appear to be at this point.
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