Fannie Mae-No Politics (FNMA)

[clarencebeaks21]

Sorry, ya I misunderstood you. Yep 80% max F/Fguarantee would go to the holder in due course.

In the GFC, some MIs survived (e.g., MGIC, Radian, GE), and a few big ones failed, but new ones sprung up immediately to fill the void (Essent, Triad, NMI).

Your last point is the key distinction that you hit upon but many folks cannot grasp or choose to ignore: it was F/F’s shift into building their own securities portfolios with *risky third party products*, (not the F/F ‘flow’ guarantee business) that was the major fly in the ointment, leading to HERA, FHFA & the rest … which is history … and probably future (if not simultaneously).