In F&F guaranteed that's kinda true. In non-guaranteed it's not. Also, RMBS is not the same as all MBS. So you should be saying GSE guaranteed MBS when you're making the statement for clarification purposes.
This is why F&F won't go anywhere. If they blow up the guarantees spreads blow out and financing for residential mortgages largely does a full stop. At least the 30 years, which are still the plurality.