IIRC, these two did exactly what they are supposed to. They always had implied backing of the government, meaning basically this. The issue was actually mortga

IIRC, these two did exactly what they are supposed to. They always had implied backing of the government, meaning basically this. The issue was actually mortgages not backed by either of these, which however were still securitised and traded as if they were. When housing market slowed, evictions and defaults mounted, investors in FDIC et al were fine, the mortgages were backed. It was all the other ones that went to 0 and caused the all-planet financial meltdown. So if anything it’s good to see that the credit expansion is going through these entities.