Fannie Mae-No Politics (FNMA)

[Wise Man]

The AUTHORITY OF TREASURY TO PURCHASE (REDEEMABLE) OBLIGATIONS, SUCH AS SENIOR PREFERRED STOCKS, IS THE UST BACKSTOP, at a yield similar to Treasuries.
Since it's written in the Charter since its inception, it means that it's an explicit UST backstop, because we can see it with our own eyes and there's no second guessing.

HERA incorporated into the Charter a second UST backstop, with unlimited yield in the obligations, entitled......guess what...you got it: AUTHORITY OF TREASURY TO PURCHASE OBLIGATIONS.

There's two UST backstops in the Charter.

You can't call a UST backstop the second and skip the original.

The original low-cost UST backstop was the reason of their low-cost borrowing. Neither it was due to a "perception" as Calabria said, nor it's due to the second UST backstop, as Zandi pointed out, implying that it's embedded in the SPSPA and not in the Charter, which is a second mistake.

ALWAYS STICK TO THE ORIGINAL AND AVOID COUNTERFEITS MADE BY THE MAFIA.