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 that does not expire ($59.9 billion used by Dec. 31, 2009), agency security purchases, and an incremental secured line from the Fed that expires in December 2009 (unused). The conservatorship remains open-ended, but we believe we will see some options for the post-conservatorship framework with the presentation of the Obama administration's budget in February 2010. By definition, Federal Housing Finance Agency (FHFA), as conservator is currently committed to
