Mine is and was Wells Fargo but it was still classified a Fanny/Freddie. I don’t have any idea what Fanny/Freddie have to do with it. Maybe underwrite it and they didn’t to begin with as far as I know. We were in no danger of defaulting and I don’t think underwater.
Wells Fargo sold it to Fannie/Freddie and F&F market bundles of them to high stakes investors from around the world. I don’t know how derivatives work, but they even play the derivatives game (or used to, anyway) with bundled mortgages.