Appendix 1 — The Government-Sponsored Shadow Banking System

GSEs (FHLB System, Fannie Mae, Freddie Mac) are off-balance-sheet shadow banks of the U.S. government that mirror the private chain: FHLBs term-warehouse conforming loans (like multi-seller conduits), Fannie/Freddie guarantee loan pools (like monolines), and the GSE retained portfolios run maturity transformation (like SIVs). Hover any cell for instrument / tenor / rating / seniority / capital form / stress tags / backstop linkage; hover any arrow for the flow's instrument and counterparty role.