Fannie mae 30y bonds yielding 154bps more than 30y treasuries FNM and FRE preferred stock are yielding 13% looks like the market wants more than just a promise http://www.bloomberg.com/apps/news?pid=20601087&sid=aSd.jYHbrgeY&refer=home
Bad news for housing. Saw another story where fannie or freddie wants to cut back on the number of loans they buy. That ought to help the market. Just shows that no knows what this crap is worth.