Critical role in the implementation of U.S. government housing policy Integral link to the U.S. government Continuing financial support from the U.S. Treasury Dominant market position as a secondary-market liquidity provider to the U.S. residential mortgage market Significant improvements in asset quality and risk management since the financial crisis Current inability to add to its extremely slim reported equity Monoline exposure to the U.S. mortgage market Substantial uncertainties regarding impact of potential legislative changes The stable outlooks on our ratings on Fannie Mae's debt issues reflect the stable outlook on our sovereign rating on the U.S. They also reflect S&P Global Ratings' base-case expectation that the likelihood of extraordinary government support to Fannie Mae (and Freddie Mac) remains almost certain,
