"This capital thing is stupid easy. FNMA is a 5 trillion dollar company. Sell 125 billion dollars worth of inventory to TBTF banks. boom...your capitalized. "
401kobessive,
FnF are currently only worth $6B. FHFA has robbed FnF of all their capital through usury SPS and NWS.
All other assets (Mortgage loans) are backing the MBS they have guaranteed. These are pass through assets.