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To: MSI who wrote (15416)2/22/2002 7:45:11 PM
From: Jim Fleming  Respond to of 74559
 
re government backing for Fannie Mae and Freddie Mac.

Fannie and Freddie are not U.S. government agencies. There securities are not backed by the U.S Treasury and the concept of moral obligation was debated and abandoned long ago. The income from their bonds and mortgage pass throughs are fully Federally taxable. That said, there is plenty to worry about in the debt arena, but Fannie and Freddie are at the bottom of a long list.

Jim


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