On May 8, 2009, Fannie Mae reported a sizable loss of $23.2 billion for first-quarter 2009 due largely to credit expenses of $20.9 billion and an incremental $5.7 billion of other-than-temporary impairment (OTTI) primarily on its private-label mortgage-backed securities. This quarterly loss has no impact on Standard&Poor's Ratings Services' ratings on Fannie Mae's 'AAA/A-1+' senior debt, 'A' subordinated debt, or 'C' preferred stock, since Fannie Mae is operating under a regulatory conservatorship. The company's senior debt continues to benefit from the implicit and explicit support it receives from the U.S. government, enabling it to continue to fulfill its public mission as one of the main liquidity providers to the U.S. housing market. Due to this quarterly loss, the
