Sorry for any confusion - what I wrote was "FM does not guarantee most mortgages" in reply to the OP claiming FM guaranteeing mortgages is subsidizing the housing market.

(And I ignored that FM is not the Federal Govt for now...)

From the stats of conforming mortgages being 40% of mortgages and the FM only buying 60% of those, FM is at most guaranteeing (to investors, for a fee) around 24% of mortgages. That's well under 51%, right?

So FM not guaranteeing most mortgages is true, and it's not even close.