But as a government-sponsored enterprise, it was barred from directly lending to students.

To a lesser extent, the other Government-sponsored enterprises strike the same fears.

Farmer Mac, alone among the big government-sponsored enterprises, has never submitted to an outside rating.

Government-sponsored enterprises are costly to the government and taxpayers.

Government-sponsored enterprises are privately owned companies that get benefits from Congress in exchange for furthering a public mission.

Such analyses have included the treatment of administrative costs under credit reform accounting and the financial risks posed by government-sponsored enterprises.

Part of the confusion stems from Farmer Mac's status as a government-sponsored enterprise.

Because they can borrow at subsidised rates, government-sponsored enterprises tend to grow until they dominate their field.

But if they issue enough debt to assume the role that Freddie and Fannie now play, you are basically creating another government-sponsored enterprise.

The two companies, known as government-sponsored enterprises, have historically had enormous influence on Capitol Hill and, according to their critics, run circles around regulators.