Ongoing extraordinary governmental support received from the U.S. Treasury One of two primary public-policy housing government-related entities (GREs) Congress established to support liquidity vital to the U.S. secondary mortgage market Strong market position in U.S. mortgage finance Ongoing credit losses in the U.S. single-family mortgage portfolio Capital base reliant on government contribution Poor earnings outlook despite low funding costs Little political will to support the business model as part of the future of housing finance The negative outlook on Fannie Mae's senior unsecured debt reflects the negative outlook on the U.S. sovereign rating. We could lower the rating on the debt issues if we were to lower the rating on the U.S. sovereign, or if, in our view, government support
