Standard&Poor's Ratings Services' ratings on Fannie Mae reflect its public-policy role of providing liquidity and financing to the U.S. mortgage market, and the congressional charter that defines its business. Specifically, the senior unsecured debt ratings reflect the explicit government support under the U.S. Treasury's establishment of a senior preferred stock purchase agreement and liquidity support programs to be used as needed. The government actions underscore the importance it places on the government-sponsored enterprises (GSEs), as well as its apparent belief that their mortgage franchises are viable and critical to finance the U.S. mortgage market and the overall economy. Fannie Mae was placed in a regulatory conservatorship on Sept. 6, 2008, by its primary regulator, the Federal Housing Finance
