It is in the non-traditional guarantee business that Fannie Mae and Freddie Mac have reported the huge losses which leave them in such a precarious position. Some of those losses (particularly the losses on the hedging book caused by the conservatorship) will reverse. Some (end credit losses on junky subprime mortgage securities) will not.
That said – none of these loss categories is likely to expand in the future. If the GSEs wind up being a toxic mess for the government it won't be on the losses already incurred – it will be on future losses.
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