[pandaman]

>I was showing why 30y-fixed jumbos exist as a result of F&F. You argued

I understood that. But showing that something is a result of something else needs some kind of logic, stating both things exist does not establish a casual relationship. You can try it for yourself by applying your own argument in the reverse direction: if your logic had been sound then it would also be true that F&F exist because of 30 years fixed jumbo loans.

>F&F can do that at the scale they do because they have an implicit guarantee. That creates securitisation

What? Securitization is turning something into securities, it's a process that is not caused by any guarantees, you can do it yourself.