--- title: "Meaning & Key Takeaway of: Fannie Mae is owned by shareholders but…" description: "\"Fannie Mae is owned by shareholders but operates under a federal charter that exempts it from paying state or local taxes. As a result, many profession..." image: "https://sms4smile.com/quotes/i/cea/alex-berenson-2775_although_fannie-mae-is-owned-by-shareholders-but_1183564.png" --- # Fannie Mae is owned by shareholders but operates under a… ![“Fannie Mae is owned by shareholders but operates under a federal charter that exempts it from paying state or local taxes. As a result, many professional investors think the government would repay the debt that Fannie Mae had issued if the company could not, although Fannie Mae explicitly says…” quote by Alex Berenson](https://sms4smile.com/quotes/i/cea/alex-berenson-2775_although_fannie-mae-is-owned-by-shareholders-but_1183564.png) [Download](https://sms4smile.com/quotes/i/cea/alex-berenson-2775_although_fannie-mae-is-owned-by-shareholders-but_1183564.png) [Open image](https://sms4smile.com/quotes/i/cea/alex-berenson-2775_although_fannie-mae-is-owned-by-shareholders-but_1183564.png) > “Fannie Mae is owned by shareholders but operates under a federal charter that exempts it from paying state or local taxes. As a result, many professional investors think the government would repay the debt that Fannie Mae had issued if the company could not, although Fannie Mae explicitly says that its bonds do not carry a federal guarantee.” [Alex Berenson](https://sms4smile.com/quotes/author/alex-berenson/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. The quote highlights a misconception that government‑backed entities like Fannie Mae are implicitly guaranteed, despite explicit statements to the contrary. **In simple terms:** People think the government will bail out Fannie Mae. Key Takeaway Recognize the difference between ownership and guarantee. Themes finance public policy misconception Mood cautious analytical Type informative critical When to use this quote - investment decisions - policy analysis - risk assessment Key Concepts implicit guarantee federal charter bond risk Questions to Reflect On - How does this belief affect investor risk tolerance? - What policies could clarify the guarantee status? A Different Perspective The perception of a guarantee can influence market behavior even when none exists. ★ ★ ★ ★ ★ No ratings yet [Bonds](https://sms4smile.com/quotes/about/bonds/) [Company](https://sms4smile.com/quotes/about/company/) [Customer](https://sms4smile.com/quotes/about/customer/) [Explicitly](https://sms4smile.com/quotes/about/explicitly/) [Government](https://sms4smile.com/quotes/about/government/) [Investors](https://sms4smile.com/quotes/about/investors/) [Shareholders](https://sms4smile.com/quotes/about/shareholders/) [Taxes](https://sms4smile.com/quotes/about/taxes/) ## Related quotes > [No, the Knicks are not owned by the public. The Knicks are owned by the shareholders of the company, of which I'm the majority…](https://sms4smile.com/quotes/james-l-dolan/no-the-knicks-are-not-owned-by-the-public-the-knicks-are-owned-by-the/) [James L. Dolan](https://sms4smile.com/quotes/author/james-l-dolan/) > [For years, critics of Fannie Mae have warned that it does not give them enough information to judge its risks.](https://sms4smile.com/quotes/alex-berenson/for-years-critics-of-fannie-mae-have-warned-that-it-does-not-give/) [Alex Berenson](https://sms4smile.com/quotes/author/alex-berenson/) > [Fannie Mae has never publicly disclosed how much money it could lose if interest rates rose 1.5 percentage points in a very short period…](https://sms4smile.com/quotes/alex-berenson/fannie-mae-has-never-publicly-disclosed-how-much-money-it-could-lose/) [Alex Berenson](https://sms4smile.com/quotes/author/alex-berenson/) > [Although not well known outside Wall Street, Freddie Mac and its corporate cousin, Fannie Mae, are two of the world's largest financial institutions and…](https://sms4smile.com/quotes/alex-berenson/although-not-well-known-outside-wall-street-freddie-mac-and-its/) [Alex Berenson](https://sms4smile.com/quotes/author/alex-berenson/) > [Psychological horror is more interesting to me than the explicitly physical.](https://sms4smile.com/quotes/andrew-pyper/psychological-horror-is-more-interesting-to-me-than-the-explicitly/) [Andrew Pyper](https://sms4smile.com/quotes/author/andrew-pyper/) > [I don't have any desire to do something that sounds explicitly rock. Like, I don't have a burning need to be a rock musician.…](https://sms4smile.com/quotes/kim-gordon/i-don-t-have-any-desire-to-do-something-that-sounds-explicitly-rock/) [Kim Gordon](https://sms4smile.com/quotes/author/kim-gordon/) > [When you work with people for a long time, you start to sense what they are thinking without having to communicate explicitly.](https://sms4smile.com/quotes/josh-fox/when-you-work-with-people-for-a-long-time-you-start-to-sense-what/) [Josh Fox](https://sms4smile.com/quotes/author/josh-fox/) > [My last novel, 'The Keep,' was very explicitly technological, about the quality of living in a state constantly surrounded by disembodied presences, and I…](https://sms4smile.com/quotes/jennifer-egan/my-last-novel-the-keep-was-very-explicitly-technological-about-the/) [Jennifer Egan](https://sms4smile.com/quotes/author/jennifer-egan/) > [Whether this was explicitly taught or implicitly caught, I grew up with the impression that when it comes to the Christian life, justification was…](https://sms4smile.com/quotes/tullian-tchividjian/whether-this-was-explicitly-taught-or-implicitly-caught-i-grew-up/) [Tullian Tchividjian](https://sms4smile.com/quotes/author/tullian-tchividjian/) > [The Obama administration came into Utah and said, 'We're not going to listen to what the U.S. Supreme Court said. 'We, the federal government,…](https://sms4smile.com/quotes/ted-cruz/the-obama-administration-came-into-utah-and-said-we-re-not-going-to/) [Ted Cruz](https://sms4smile.com/quotes/author/ted-cruz/) > [Growing up in Michigan, I can't think of anything so explicitly communicated to me in my whole education experience as the vileness of in-your-face…](https://sms4smile.com/quotes/kevin-deyoung/growing-up-in-michigan-i-can-t-think-of-anything-so-explicitly/) [Kevin DeYoung](https://sms4smile.com/quotes/author/kevin-deyoung/) > [Every game designer should make one explicitly world-changing game. Lawyers do pro bono work, why can't we?](https://sms4smile.com/quotes/jane-mcgonigal/every-game-designer-should-make-one-explicitly-world-changing-game/) [Jane McGonigal](https://sms4smile.com/quotes/author/jane-mcgonigal/) > [When I launched the development of the GNU system, I explicitly said the purpose of developing this system is so we can use our…](https://sms4smile.com/quotes/richard-stallman/when-i-launched-the-development-of-the-gnu-system-i-explicitly-said/) [Richard Stallman](https://sms4smile.com/quotes/author/richard-stallman/) > [What I would love to see is art that explicitly addresses not personal intimacies but anonymous intimacies: the vast collections of facts about you…](https://sms4smile.com/quotes/russell-smith/what-i-would-love-to-see-is-art-that-explicitly-addresses-not/) [Russell Smith](https://sms4smile.com/quotes/author/russell-smith/) > [When we built Roomba, we explicitly designed it to not have a face. We didn't want to think it was cute; we wanted people…](https://sms4smile.com/quotes/colin-angle/when-we-built-roomba-we-explicitly-designed-it-to-not-have-a-face-we/) [Colin Angle](https://sms4smile.com/quotes/author/colin-angle/) ## More by Alex Berenson > [One of the Internet's highest-profile companies, Priceline once dreamed of transforming the way consumer goods are bought and sold by offering customers the chance…](https://sms4smile.com/quotes/alex-berenson/one-of-the-internet-s-highest-profile-companies-priceline-once/) [Alex Berenson](https://sms4smile.com/quotes/author/alex-berenson/) > [Plumbing is usually boring.](https://sms4smile.com/quotes/alex-berenson/plumbing-is-usually-boring/) [Alex Berenson](https://sms4smile.com/quotes/author/alex-berenson/) > [As they grow, companies saturate their markets, become more complex and difficult to manage, and face larger and more entrenched competitors.](https://sms4smile.com/quotes/alex-berenson/as-they-grow-companies-saturate-their-markets-become-more-complex-and/) [Alex Berenson](https://sms4smile.com/quotes/author/alex-berenson/) > [“If stupid people didn’t insist on thinking they were smart, the world would be a lot simpler.”](https://sms4smile.com/quotes/alex-berenson/if-stupid-people-didn-t-insist-on-thinking-they-were-smart-the-world/) [Alex Berenson](https://sms4smile.com/quotes/author/alex-berenson/) > [For chat-room tyros who expect to make their first million day-trading by age 27, paging through the Sunday newspaper with a pair of scissors…](https://sms4smile.com/quotes/alex-berenson/for-chat-room-tyros-who-expect-to-make-their-first-million-day/) [Alex Berenson](https://sms4smile.com/quotes/author/alex-berenson/) > [“Rosette disappeared onto the dance floor. Wells sat in silence for a minute, watching the dancers. The worldwide cult of fast money spent stupidly.…](https://sms4smile.com/quotes/alex-berenson/rosette-disappeared-onto-the-dance-floor-wells-sat-in-silence-for-a/) [Alex Berenson](https://sms4smile.com/quotes/author/alex-berenson/) > [In general, great companies prefer to grow 'organically,' as Wall Street likes to say. That is, from the inside out, by finding new markets…](https://sms4smile.com/quotes/alex-berenson/in-general-great-companies-prefer-to-grow-organically-as-wall-street/) [Alex Berenson](https://sms4smile.com/quotes/author/alex-berenson/) > [Trust the Canadians to produce a game about mutual funds that is actually more boring than the real thing.](https://sms4smile.com/quotes/alex-berenson/trust-the-canadians-to-produce-a-game-about-mutual-funds-that-is/) [Alex Berenson](https://sms4smile.com/quotes/author/alex-berenson/) > [The market always, in theory at least, looks ahead. And it's always trying to take in every bit of information that it can as…](https://sms4smile.com/quotes/alex-berenson/the-market-always-in-theory-at-least-looks-ahead-and-it-s-always/) [Alex Berenson](https://sms4smile.com/quotes/author/alex-berenson/) > [Individual income can grow only as fast as productivity rises.](https://sms4smile.com/quotes/alex-berenson/individual-income-can-grow-only-as-fast-as-productivity-rises/) [Alex Berenson](https://sms4smile.com/quotes/author/alex-berenson/) > [Mr. Snowden did not start out as a spy, and calling him one bends the term past recognition. Spies don't give their secrets to…](https://sms4smile.com/quotes/alex-berenson/mr-snowden-did-not-start-out-as-a-spy-and-calling-him-one-bends-the/) [Alex Berenson](https://sms4smile.com/quotes/author/alex-berenson/) > [As the Nasdaq soared in 1999 and early 2000, demand for many offerings far exceeded the supply of shares available at the initial offering price.](https://sms4smile.com/quotes/alex-berenson/as-the-nasdaq-soared-in-1999-and-early-2000-demand-for-many-offerings/) [Alex Berenson](https://sms4smile.com/quotes/author/alex-berenson/) > [Wal-Mart does not do big mergers, though it will buy much smaller competitors in so-called 'tuck-in acquisitions.'](https://sms4smile.com/quotes/alex-berenson/wal-mart-does-not-do-big-mergers-though-it-will-buy-much-smaller/) [Alex Berenson](https://sms4smile.com/quotes/author/alex-berenson/) > [Many newly public companies are able to post a year or two of strong sales growth off a small base, but their growth almost…](https://sms4smile.com/quotes/alex-berenson/many-newly-public-companies-are-able-to-post-a-year-or-two-of-strong/) [Alex Berenson](https://sms4smile.com/quotes/author/alex-berenson/) > [Business cycles lengthened greatly during the 20th century, as central banks learned to manage national economies by raising and lowering interest rates.](https://sms4smile.com/quotes/alex-berenson/business-cycles-lengthened-greatly-during-the-20th-century-as-central/) [Alex Berenson](https://sms4smile.com/quotes/author/alex-berenson/) [Explore all 150 Alex Berenson quotes ](https://sms4smile.com/quotes/author/alex-berenson/) ## More Although quotes > [Everything I write is highly personal, but put in such a way that it's not dropping everything in someone's lap. Although sometimes I think…](https://sms4smile.com/quotes/jane-siberry/everything-i-write-is-highly-personal-but-put-in-such-a-way-that-it-s/) [Jane Siberry](https://sms4smile.com/quotes/author/jane-siberry/) > [In France they spend six months training policemen, then they give them a gun and put them on the streets, and I don't know…](https://sms4smile.com/quotes/mathieu-kassovitz/in-france-they-spend-six-months-training-policemen-then-they-give/) [Mathieu Kassovitz](https://sms4smile.com/quotes/author/mathieu-kassovitz/) > [There are some things that I like, like education, wine, and I'd like to be a good cook, although I'm a pretty good eater…](https://sms4smile.com/quotes/rick-wagoner/there-are-some-things-that-i-like-like-education-wine-and-i-d-like-to/) [Rick Wagoner](https://sms4smile.com/quotes/author/rick-wagoner/) > [When Apple introduced its game-changing iPhone in 2007, Nokia was caught sleeping on the job. Although it had actually developed an iPhone-style device -…](https://sms4smile.com/quotes/noreena-hertz/when-apple-introduced-its-game-changing-iphone-in-2007-nokia-was/) [Noreena Hertz](https://sms4smile.com/quotes/author/noreena-hertz/) > [You can't do every movie - although I do a lot of them - and the thing I'm longing to do is... it's not…](https://sms4smile.com/quotes/lance-henriksen/you-can-t-do-every-movie-although-i-do-a-lot-of-them-and-the-thing-i/) [Lance Henriksen](https://sms4smile.com/quotes/author/lance-henriksen/) > [Although I'm perceived as very optimistic and upbeat, it comes out of being the opposite of that - feeling isolated or lonely, looking for…](https://sms4smile.com/quotes/jane-mcgonigal/although-i-m-perceived-as-very-optimistic-and-upbeat-it-comes-out-of/) [Jane McGonigal](https://sms4smile.com/quotes/author/jane-mcgonigal/) > [I was born in Jackson, Mississippi, in 1969, in a time and place where no one was saying, 'Look how far we've come,' because…](https://sms4smile.com/quotes/kathryn-stockett/i-was-born-in-jackson-mississippi-in-1969-in-a-time-and-place-where/) [Kathryn Stockett](https://sms4smile.com/quotes/author/kathryn-stockett/) > [Although we might settle for less, Heavenly Father won't, for he sees us as the glorious beings we are capable of becoming.](https://sms4smile.com/quotes/joseph-b-wirthlin/although-we-might-settle-for-less-heavenly-father-won-t-for-he-sees/) [Joseph B. Wirthlin](https://sms4smile.com/quotes/author/joseph-b-wirthlin/) > [Although it is still important to develop an HIV vaccine, we have significant tools already at our disposal that can make a major impact…](https://sms4smile.com/quotes/anonymous/although-it-is-still-important-to-develop-an-hiv-vaccine-we-have/) [Anonymous](https://sms4smile.com/quotes/author/anonymous/) > [All trembling, I reached the Falls of Niagara, and oh, what a scene! My blood shudders still, although I am not a coward, at…](https://sms4smile.com/quotes/john-james-audubon/all-trembling-i-reached-the-falls-of-niagara-and-oh-what-a-scene-my/) [John James Audubon](https://sms4smile.com/quotes/author/john-james-audubon/) > [I love the little garden in the back of my family's brownstone in Brooklyn. Digging out there in the dirt is a joy for…](https://sms4smile.com/quotes/siri-hustvedt/i-love-the-little-garden-in-the-back-of-my-family-s-brownstone-in/) [Siri Hustvedt](https://sms4smile.com/quotes/author/siri-hustvedt/) > [I knew from very early on that I wanted kids. I wasn't one of those women who goes, 'Well, if it happens, it happens.'…](https://sms4smile.com/quotes/julianne-moore/i-knew-from-very-early-on-that-i-wanted-kids-i-wasn-t-one-of-those/) [Julianne Moore](https://sms4smile.com/quotes/author/julianne-moore/) > [I definitely hand myself over to the hair and makeup gods of 'Girls.' Our look on the show is very specific, and it's different…](https://sms4smile.com/quotes/allison-williams/i-definitely-hand-myself-over-to-the-hair-and-makeup-gods-of-girls/) [Allison Williams](https://sms4smile.com/quotes/author/allison-williams/) > [I'm not very well known. However, the more well known you get, the more people are going to have expectations of you. Although that's…](https://sms4smile.com/quotes/sally-hawkins/i-m-not-very-well-known-however-the-more-well-known-you-get-the-more/) [Sally Hawkins](https://sms4smile.com/quotes/author/sally-hawkins/) > [I would spend hours absorbing every intonation, every inflection - how the singer would convey a sentiment and how it would sound coming out…](https://sms4smile.com/quotes/kat-edmonson/i-would-spend-hours-absorbing-every-intonation-every-inflection-how/) [Kat Edmonson](https://sms4smile.com/quotes/author/kat-edmonson/) Browse all 578 Although quotes ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Quotation", "text": "Fannie Mae is owned by shareholders but operates under a federal charter that exempts it from paying state or local taxes. As a result, many professional investors think the government would repay the debt that Fannie Mae had issued if the company could not, although Fannie Mae explicitly says that its bonds do not carry a federal guarantee.", "creator": { "@type": "Person", "name": "Alex Berenson" }, "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "url": "https://sms4smile.com/quotes/alex-berenson/fannie-mae-is-owned-by-shareholders-but-operates-under-a-federal/", "about": { "@type": "Thing", "name": "Although" }, "@id": "https://sms4smile.com/quotes/alex-berenson/fannie-mae-is-owned-by-shareholders-but-operates-under-a-federal/#quotation", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/cea/alex-berenson-2775_although_fannie-mae-is-owned-by-shareholders-but_1183564.png", "contentUrl": "https://sms4smile.com/quotes/i/cea/alex-berenson-2775_although_fannie-mae-is-owned-by-shareholders-but_1183564.png", "url": "https://sms4smile.com/quotes/i/cea/alex-berenson-2775_although_fannie-mae-is-owned-by-shareholders-but_1183564.png", "width": 1080, "height": 1080, "caption": "“Fannie Mae is owned by shareholders but operates under a federal charter that exempts it from paying state…” — Alex Berenson", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } }, { "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://sms4smile.com/" }, { "@type": "ListItem", "position": 2, "name": "Quotes", "item": "https://sms4smile.com/quotes/" }, { "@type": "ListItem", "position": 3, "name": "Alex Berenson", "item": "https://sms4smile.com/quotes/author/alex-berenson/" }, { "@type": "ListItem", "position": 4, "name": "Fannie Mae is owned by shareholders...", "item": "https://sms4smile.com/quotes/alex-berenson/fannie-mae-is-owned-by-shareholders-but-operates-under-a-federal/" } ], "@id": "https://sms4smile.com/quotes/alex-berenson/fannie-mae-is-owned-by-shareholders-but-operates-under-a-federal/#breadcrumb" }, { "@type": "WebSite", "@id": "https://sms4smile.com/quotes/#website", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "publisher": { "@id": "https://sms4smile.com/quotes/#organization" } }, { "@type": "Organization", "@id": "https://sms4smile.com/quotes/#organization", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "logo": { "@type": "ImageObject", "url": "https://sms4smile.com/quotes/wp-content/themes/sq/assets/icons/icon-512.png", "width": 512, "height": 512 } } ] } ```