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FNMA may have always had only a market to market issue and not a long term cash flow issue.

And its always been a public/private partnership with govt’s role that of the funding model, so I never saw govt funding as a ‘bailout’

The public purpose of FNMA is to get lower income earners in their own homes, which it has successfully done for maybe 50 years for millions of American owners and their families.

The ‘real’ cost of the program is the alternative use of the actual goods and services devoted to this mission.

(Just me, but seems like it’s been a net gain.)

Note that banking is a public private partnership as well, with govt providing the funding, directly or indirectly, and private capital pricing the risk. So for me, govt provided liquidity for banking isn’t a ‘bailout’ but a necessary and continuous condition, all presumably serving public purpose.