Fannie’s On-Balance-Sheet Loans Surged 900 Percent on Jan 1

" Must be comforting for the GSEs that the Treasury's got their backs on this one. Obviously they're the world's worst offenders on this kind of exposure, but just about every large financial institution used these sorts of vehicles to juice risk up during The Great Moderation. If everyone had pulled the 166/167 plug on New Years Day it's entirely possible that enough financial dominoes could have fallen over to have taken the whole private system with it due to the resulting counterparty chaos."