Wednesday, Aug 20, 2008
Giants shrinking into oblivion
CNNMoney.com: Fannie, Freddie plunge after the open
NEW YORK (CNNMoney.com) -- Battered mortgage giants Fannie Mae and Freddie Mac took yet another hit at the start of trading Wednesday as concerns grew about a possible government bailout.
The stock for Fannie (FNM, Fortune 500) dropped 16% and Freddie (FRE, Fortune 500) tumbled 18% as the markets opened.
This was in addition to steep declines of more than 20% so far this week. So far this year, Fannie and Freddie shares have each plunged more than 80%.
Posted by plato @ 03:51 PM (290 views) Add Comment
4 Comments
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1. Whostolemyendowment said...
On July 30, President Bush signed into law a housing bill to boost Fannie and Freddie. The bill gave the Treasury Department the authority to loan unlimited amounts of money to Fannie and Freddie and also allows for Treasury to buy up shares of the two firms if necessary.
= nationlisation? Capitalism faulters....!
2. Chinchin69 said...
Battered mortgage giants Fannie Mae ... I'm sure there's a Viz joke in there somewhere
3. harold said...
Shame shares can't go negative as Fannie Mae and Freddie Mac are less than worthless.
4. paul said...
"Fannie spokeswoman Amy Bonitatibus declined to comment"
"A spokesperson for the Treasury Department had no comment"
How on earth does America let this pass "without comment"?
Why doesn't the media hang them out to dry:
"Mr Treasury official, are you refusing to comment because you know that writing a taxpayer funded blank cheque is immoral and unjust to those US citizens living in poverty? Mr Treasury official ... ?"
Too many questions not being asked about what's going on the US economy right now.