Freddie/Fannie.....Can it happen here?

Two years ago the very thought that Freddie/Fannie would be "socialized" in the capitalistic paragon of the world would have been ridiculed. So at the risk, of inviting ridicule, I wonder, can something similar happen here? I've not had the time to dig deeper into the financial details of CMHC, but they are doing quite a bit of heavy lifting (around $120 billion in Canada Mortgage bonds) in terms of guaranteeing mortgages with a rather thin capital base (less than $7 billion in equity).
But in Canada no mid Sunday morning bail outs will be necessary, should we experience anything remotely resembling the rout in the US housing markets. After all, "CMHC’s Guarantee of Canada Mortgage Bonds carries the full faith and credit of Canada, and constitutes a direct, unconditional obligation of Canada."

Here is a video in celebration of the 'socialization' (heads bankers win, tails taxpayers lose) of our southern neighbour...