This image is excerpted from a U.S. GAO report:
www.gao.gov/products/GAO-19-239
HOUSING FINANCE: Prolonged Conservatorships of Fannie Mae and Freddie Mac Prompt Need for Reform
Note: Fannie Mae and Freddie Mac purchase mortgages and issue and guarantee mortgage-backed securities (MBS). Ginnie Mae guarantees MBS backed by federally-insured mortgages. Private-label MBS do not have a government guarantee.