One of two primary public-policy housing government-sponsored entities (GSEs) established by Congress to support liquidity in the vital U.S. secondary mortgage market Extraordinary governmental support received from the U.S. Treasury Strong market position in U.S. mortgage finance Lack of defined business model/strategy while in conservatorship Continued, and escalating, credit deterioration in the single-family mortgage portfolio Earnings fundamentals overwhelmed by credit costs Capital base totally reliant on government contribution Standard&Poor's Ratings Services' ratings on Fannie Mae incorporate the implicit support of the U.S. government bolstered by the government's overt actions to support the company since it was placed in conservatorship in September 2008. These actions include a commitment of up to $200 billion in U.S. Treasury preferred stock capital
