Critical role in implementing 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 risk management since the financial crisis Significant undercapitalization, though an amended agreement with the U.S. Treasury allows it to build capital towards regulatory requirements Monoline exposure to the U.S. mortgage market Elevated, but manageable delinquencies in 2020, resulting from the economic fallout of COVID-19 Substantial uncertainties regarding the probability, timing, and scenario under which it can exit conservatorship The stable outlooks on Fannie Mae's debt issues reflect the stable outlook on our sovereign rating on the U.S. In our base case, we
