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Wall Street Breakfast: Must-Know News

Posted on July 08, 2008

Jitters trigger Freddie, Fannie selloff. Shares of Freddie Mac (FRE) and Fannie Mae (FNM) fell 18% and 16% Monday as investors dumped shares, sending the GSEs to their lowest levels in more than 14 years. The selloff may have been triggered by any number of factors: A Lehman note saying accounting rule changes could force the two to raise a combined $75B in new capital (although many expect the two to be exempted); rumors a major shareholder was dumping his stake; larger than expected exposure to private mortgage insurers; the failure of FRE to raise $5.5B by quarter-end after saying in May ...

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