no I do not argue with the wording (and did not know that F and F only started using MBS paper in 1982 - not sure how they provided liquidity to banks before then since FDR started FNMA? Would be interested --- or maybe until 1982 the paper was GOV agency paper?)
And maybe anything new still has the warning as HERA and all that is not intended to be permanent !!!
So maybe I should refine my wording to what I think is real ---- now refined based on your solid information
While FNMA is in conservatorship - under HERA and various AMENDMENTS - FOR NOW there is an explicit guarantee
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