I'm itching to pull the trigger on some Jan '05 FNM and FRE puts. In a year and a half you could have: Housing bubble pops Derivitive blow ups Accounting, SEC investigations For FNM, with the $70 puts at around $10, you could see those go up many times in value. The stock is only $5 off it's recent high. Who knows what could happen with FRE in a year and a half. Any other thoughts on FNM, FRE?