[Mase]

Yeah, the bond market thinks Fannie Mae is safe despite the fact they are incapable of stating their earnings for, oh, the last 5 years

The risk in Fannie Mae is socialized. As long as that aspect remains why would the market react otherwise?

[RegulatorCountry]

"The risk in Fannie Mae is socialized"

Especially since mortgage lenders began engaging in social engineering to increase home ownership in underrepresented groups. Lowered credit standards, no money down or money back at closing... yep, it's socialized alright.