FACTBOX: Winners and losers from bailout of Fannie, Freddie

NEW YORK (Reuters) - Potential winners and losers from the U.S. government bailout of mortgage finance companies Fannie Mae and Freddie Mac, based largely on research notes and comments from investors and analysts over the past 24 hours:

LIKELY WINNERS

- Major banks, which would benefit from any increased stability in the credit markets; in the longer term, banks with large mortgage businesses such as Bank of America may have an opportunity to take over some of the Fannie and Freddie business.

- Homeowners seeking to stave off foreclosure may be able to refinance at lower rates than available before.

- Buyers of new homes who might pay lower rates; with the government behind Fannie and Freddie, more mortgages should be available.

- Short sellers of Fannie and Freddie common stock will have benefited, after the companies' shares slid more than 80 percent on Monday.

- Holders of Fannie and Freddie debt, such as PIMCO, should benefit; prices of the debt rose relative to prices of Treasury bonds.

- Foreign governments and central banks, which are big holders of Fannie and Freddie debt.

- Homebuilders and home improvement companies if the housing market stabilizes as a result of the government rescue.

- Some of the biggest critics of Fannie and Freddie, including former Republican Rep. Jim Leach, who have been vindicated by the crisis; Leach tried to rein in the growth and influence of the companies for years.

PROBABLE LOSERS

- Taxpayers, who have to foot the bill for bailing out the companies and paying back the new debt that will be created for them.

- U.S. Treasury debt owners, as prices have fallen because of an increased government debt burden.

- Fannie and Freddie employees, who now face even greater uncertainty about their future.

- Lobbyists, who will no longer have the lucrative Fannie and Freddie business.

- Politicians and others who received financial and other support from Fannie and Freddie, their employees and lobbyists working for them.

- The CEOs of Fannie and Freddie, who lost their jobs, though the size of their exit packages may be attractive.

- Commercial banks, such as Sovereign Bancorp Inc, Midwest Banc Holdings and Gateway Financial Holdings, that have significant positions in Fannie and Freddie preferred shares.

- Owners of common stock of Fannie and Freddie; major holders in one or the other, or both, had included Legg Mason Inc, Dreman Value Management LLC and Pzena Investment Management.

(Reporting by Elinor Comlay and Martin Howell; editing by John Wallace)