I got a good laugh when I read the section on MBS, and they talk about the various credit risks between Fannie, Freddie and Ginnie bonds. The CFAI curr. says: “[Fannie and Freddie] are government sponsored enterprises; therefore, their guarantee does not carry the full faith and credit of the U.S. government. In contrast, Ginne Mae is a federally related institution…” (V5 p. 330) I suppose the hundreds of billions in backing and the seizure of the GSE’s in September still don’t constitute the “full faith and credit of the U.S. govt”. I doubt if they would test on this since the lines are increasingly becoming more fuzzy on the differences between the “GSE’s” and Ginnie. You guys know of any other instances of the curriculum becoming irrelevant with the rise of socialist America?