Fannie Mae-No Politics (FNMA)

[Wise Man]

In this world, we aren't ruled by implied rules.
You are just covering up the Charter Act, like many others: the Supreme Court, etc.
There is no Government Implicit Guarantee on the MBSs of FnF. There is a UST backup of FnF as a last resort ("Operations financed by private capital -Equity or Debt- to the maximum extent feasible". Section: Purposes) in exchange for their Public Mission (Section: Purposes), expressly written in the Charter Act.
You mix up a guarantee on MBSs, with a backup of the enterprises.

THEREFORE THERE IS AN IMPLICIT GUARANTEE NOT AN EXPLICIT FEDERAL GOVERNMENT GUARANTEE.

The UST never bears losses. It buys obligations SPS (Equity) upon capital deficiency (negative Net Worth), which have to be paid back. Just what has happened.

Why do you think Uncle Suggy wants so much Capital in a 1st Loss Position😉!

Capital absorbs losses that the Basel framework renders the privilege of UST backup of FnF, pointless, and the Charter can be revoked if also the Public Mission is no longer necessary: no subsidized g-fee anymore, duty to serve is what any company is after nowadays to boost market share and the countercyclical role in a financial crisis (related to secondary market operations -MBSs-) can be addressed when due. This countercyclical role is non-existent in an economic crisis, as it's a buying opportunity if the guarantors are in a sound condition (capital levels).
You practice the Art of Deception.
Either you say it right as it's written or shut up.
Is it now when someone says: "It's complicated"?