JUST OFF THE WIRE, news on Freddies sister, Fannie Mae.................
Fannie Mae The funder of mortgages reported a much wider-than-expected loss of $2.3 billion, or or $2.54 a share amid the continuing credit crunch. Analysts surveyed by Thomson Reuters forecast a loss of 68 cents a share.
The news sent Fannie (FNM, Fortune 500) shares down 12% in pre-market trading.
Fannie's results came two days after its fellow government-sponsored enterprise, Freddie Mac (FRE, Fortune 500), posted a $821 million loss, slashed its dividend 80% and warned of further problems in the housing and credit markets.
This is way more brutal than many expected(Dawoof and myself excluded).
THIS COUNTRY IS IN ONE HELLUVA MESS.
It's going to be a very interesting day on Wall Street.
Fannie Mae The funder of mortgages reported a much wider-than-expected loss of $2.3 billion, or or $2.54 a share amid the continuing credit crunch. Analysts surveyed by Thomson Reuters forecast a loss of 68 cents a share.
The news sent Fannie (FNM, Fortune 500) shares down 12% in pre-market trading.
Fannie's results came two days after its fellow government-sponsored enterprise, Freddie Mac (FRE, Fortune 500), posted a $821 million loss, slashed its dividend 80% and warned of further problems in the housing and credit markets.
This is way more brutal than many expected(Dawoof and myself excluded).
THIS COUNTRY IS IN ONE HELLUVA MESS.
It's going to be a very interesting day on Wall Street.
Freddie and Fannie account for 42% of the morgages in this country........WOW!!!
CNBC confirming just now, that nationally, housing is headed down at LEAST another 15-20% over the next 3-12 months.
This is going to be a "real" buyers market in 6-12 months............IT IS NOT, AS MANY REALTORS WILL HAVE YOU BELIEVE, A BUYERS MARKET RIGHT NOW.
CNBC confirming just now, that nationally, housing is headed down at LEAST another 15-20% over the next 3-12 months.
This is going to be a "real" buyers market in 6-12 months............IT IS NOT, AS MANY REALTORS WILL HAVE YOU BELIEVE, A BUYERS MARKET RIGHT NOW.
It all Depends were you live....I have lost 2% at max on my home in the last 2 years...Just had it appraised 6 months ago....Not going any were so really in no hurry...3 houses in my neighborhood were up for sale in the last 8 months, all sold within 60 days at just about asking price.....
