the gse wash

now that we have all the financial reform and fraud talk, here's an angle i'd like to see get some attention. i'm wondering if anyone did the following:

• sell an alt-a (mortgage or bundle) to a GSE


• short the alt-a


• (optional) buy the gov backed GSE product

this would guarantee profit on both sides, generate demand, and satisfy things like the GSE mandates (CRI)