A word on Fannie and Freddie Mac

Just a quick note on Freddie and Fannie. That there are people who think there's an "implicit" guarantee by the US Government on those bonds-they are wrong.
There's no such thing as an implicit guarantee. It is a guarantee, or not. And no matter what the Government says-e.g. by the announcement yesterday of helping Fannie and Freddie-they have not guaranteed those bonds.
Sanjay