FNMA has already been wound down if you use specific aspects like politicians tend to do.
Defaults have been wound down. Seriously delinquencies have been wound down. CSP can be used to back up the wind down argument etc. I'm sure a host of statistics can be used to back up a completed wind down statement also.
Obama can spin it in a way to show the wind down is completed or at least in progress. Easily I'm sure.