Investor: “I am concerned cos securities created by some non-agency idduesrs have lower credit ratings than those issued by Fannie Mae and Freddie Mac” That statement is incorrect due to: “Credit enhancement can be used to achive any desired credit rating” Surely that can’t be right? So there’s no need to worry about credit risk for non agency debt just cos they use credit enhancement techniques like monolines (seen how well they’ve worked out recently)