John McLeod

The Fed and Fannie Mae: Throwing Money Down a Black Hole

I'd like to draw your attention to this SIFMA press release from January 7th, in the very last days of the Bush administration, and just before the Fed started buying up MBS. It's the guidance that started the Re-Remic recycling of old stuff back into the TBA market.
www.sifma.org/capital_...

From the information you're reviewing in the above post, how in blazes can the OMB still be in denial that agencies **don't** enjoy an explicit US guarantee?