Fannie Mae-No Politics (FNMA)

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If you haven't already, in regards to the line of credit and the obligation see: Page 127 of OLC VOL 33

https://www.justice.gov/olc/file/477051/download

There is an obligation on the part of the government. Courts keep giving clues on how to approach the whole thing, Breach of contract. NWS was a way to get rid of that obligation.

As for their credit rating, smoke and mirrors. But this is exactly why the NWS materially harmed MBS purchasers. The MBS specifically state no gov guarantee. Law requires capital not credit to protect the MBS. Credit line and capital were both materially altered by NWS.