Fannie Mae-No Politics (FNMA)

[Donotunderstand]

not insured
there was no insurance contract

I think - but can not remember - the term was synthetic CDOs

As I understood it - any "player big enough" could BET on a bond being paid or going bust

The big player did not have to own the bonds to bet !!!!!

The underlying value of the CDOs or ? that were bet on reached 80B (or maybe the amount - tips - insured hit 80B)

What I remember is AIG bet long all the time - when everyone else hedged to near zero exposure (the writers the REAL BIG BOYS)