Page "Government-sponsored enterprise" Paragraph 4

Every GSE prospectus contains the following text, or something virtually identical, in bold letters, and has since before the sub-prime loans were originated: " Neither the certificates nor interest on the certificates are guaranteed by the United States, and they do not constitute a debt or obligation of the United States or any of its agencies of instrumentalities other than Fannie Mae.

" Critics of the GSE's have challenged the " implicit guarantee " since before the sub-prime crisis.