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A market bombshell released yesterday by Standard & Poor’s left many industry participants unsure of just what to think next, as the rating agency surprisingly suggested that the credit risks now being taken on by both Fannie Mae [stock FNM][/stock] and Freddie Mac [stock FRE][/stock] — as well as the Federal Home Loan Banking system — may be sufficient enough to threaten the U.S. government’s ‘AAA’ sovereign credit rating.
