Fannie Mae-No Politics (FNMA)

[capitalismforever]

Wouldn't one be safe to say that F&F "own" that $5T in mortgages since most of them show up on their balance sheets as "mortgage loans held for investment by consolidated trusts"?

No. If accounting were as easy as assuming everything in a balance sheet is owned by the company, there'd be absolutely no need for a college degree in finance. They're on the balance sheet because GAAP accounting rules states that if you own at least a controlling interest in the shares of the company, you must consolidate their assets and liabilities even though you don't own them. It's a GAAP rule that causes mass confusion for retail investors. Personally, I like the rule because it creates an upper hand.