Standard&Poor's Ratings Services' ratings on Fannie Mae's debt issues 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 funding commitment to provide up to $200 billion (which has been reduced by draws of $75.2 billion) plus an uncapped funding commitment for fiscal years 2010 through 2012. The conservatorship remains open-ended, but we believe we will see some options for the post-conservatorship framework early in 2011. By definition, the Federal Housing Finance Agency (FHFA), as conservator, is currently committed to preserving as much value in the assets as possible. Although FHFA has the option of placing Fannie
