Fannie Mae (FNMA)

[Chronic The Hemp Hog]

I thought (and I could be wrong here) that someone recently posted some wording from a rating agency that kind of hinted at this because that post caused me to reflect and write my own post. Although it did not use the word nationalization (that was my word choice) I still think that is the bigger picture for the ratings agencies to view it as. If there is always an explicit guaranteed backstop by the government for the debt that the GSEs hold why would the debt not be on the government books?