I would normally think the same that Fannie Mae is too big to fail, so what's up with Snow's redundant remarks?

bob

It *is* too big to fail, no matter what John Snow says. But, it's in bad shape because they haven't been paying attention, riding on their implicit garauntee that's been there for so long...

For some reason, the administration has finally woken up to the problem, so they are now chiming in with warnings that the "investors will lose the lot." By warning the investors, they increase the cost of capital, and force the board to start looking at their balance sheet.