"Investments in Fannie and Freddie are Uninsured Investments"

Former Treasury Secretary for the Bush administration, John Snow:

"We don't believe in a 'too big to fail' doctrine, but the reality is that the market treats the paper as if the government is backing it. We strongly resist that notion.

"You know that there is that perception. And it's not a healthy perception and we need to disabuse people of that perception. Investments in Fannie and Freddie are uninsured investments."