...Strengths: Weaknesses: + 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 + Strong asset quality of loans originated since 2009 + Prevented from building capital by agreement with the U.S. Treasury + Monoline exposure to the U.S. mortgage market + Substantial uncertainties regarding impact of future potential legislative changes Outlook The stable outlooks on our ratings on Fannie Mae's debt issues reflect the stable outlook on our sovereign rating on the U.S., and our base-case expectation that the likelihood of extraordinary government support to Fannie Mae (and Freddie Mac) remains almost-certain, in case of need, during the coming two years. If we believed that the likelihood of extraordinary government support for Fannie Mae were waning, we could lower the ratings....
