They've long enjoyed an implicit guarantee on their debt from the government.

FORBES: Rescuing Fannie And Freddie

Buyers of their debt would again pay up for implicit government support.

FORBES: Incorrigible: Fannie Mae and Freddie Mac Must Go

The other, cleaner, approach would be to privatise them, so that the markets are left in no doubt that their debt carries no government guarantee, implicit or explicit.

ECONOMIST: Homesick blues

France Telecom and Deutsche Telekom have mountains of debt and feeble share prices, but are protected by implicit state support.

ECONOMIST: European companies

Critics say the implicit guarantee of government backing that many investors believe comes attached to corporate debt enables inefficient companies to thrive by borrowing money at cheap rates.

WSJ: Faith in Bailouts Spurs China

European policy makers are considering a host of proposals to eliminate implicit government guarantees, including a new resolution regime, turning some liabilities into bail-in debt that will automatically take losses, depositor-preference regimes that would subordinate unsecured bondholders, and U.K.-style plans to ring-fence certain activities.

WSJ: Agenda: Basel III��Don't We Have Enough Problems?

On reflection, perhaps you should think through your call to have more mortgage debt held by institutions with direct government guarantees and exposures, not to mention the efficacy of the implicit call for higher mortgage costs to American consumers.

ECONOMIST: Letters