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Freddie Mac and Fannie Mae: Third Quarter Update (9.22.08)
Events have continued to unfold for the Federal Home Loan Mortgage Corp. (FHLMC or Freddie Mac) and the Federal National Mortgage Association (FNMA or Fannie Mae) this quarter. Although the fair value of their various preferred stocks at the beginning of the quarter was only slightly below that of last year-end, the values declined substantially this quarter. They dropped first in July on their reported losses but then fell dramatically on Monday, Sept. 8, following the Department of the Treasury’s actions over the previous weekend, when both entities where taken into conservatorship. Download PDF
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