Fannie, Freddie Hammered As Bailout Talk Swirls

Law360, New York (July 10, 2008, 12:00 AM EDT) -- Stock in Fannie Mae and Freddie Mac has crumbled under the weight of new concerns that the two mortgage giants are staring at a massive government bailout.

Thursday's fall marked the third consecutive day that the two mortgage backers have seen steep declines in their stock. The fall was sparked by a Bloomberg article that quoted a former high-level Federal Reserve official calling Fannie and Freddie “insolvent.”

Stock in Washington-based Fannie Mae (NYSE: FNM) fell $2.11, or nearly 14%, for a close at $13.20 on Thursday....
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.