Fannie plummeted more than $6.00 dollars as dividends on the preferred will be suspended. Freddie didnt fare much better. Not much point in owning a company whose assets are in serious trouble and now no dividend.
Lehmans's international analyst says that this will trickle down to all the stakeholders and will be a slight improvement world wide.
International Herald tribune notes that the US did look the other way when choosing a decidedly non capitalist answer to a very capitalist problem. Its not the first time we socialized a big problem and Im not sure its wqrong. Our financial credibility is at stake, and when you are a debtor nation your IOU better look good.
Well...so much for the talking heads.
Mortgage rates went from 6.5% to 6% quite quickly and more of that to come. Couldnt be better...
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