http://biz.yahoo.com/ap/080905/mortgage_giants_crisis.html Well you were wrong and FannieMae is done. Nice try
Im not done. I've been daytrading in and out of FNM and FRE for the last few months. I did a few trades on Friday and then was out at the end of the day. I have a few thousand dollars worth in FNM that I am holding, thats it. I never place more then 5 grand into any long-term holding and have 93 different holdings I think you guys think I am like you and overmargin into penny stocks. I daytrade and not on margin despite what you might believe or read in my posts. I like to fool around a lot here on elitetrader so some of my posts are not that accurate to what I actually do. However, I dont believe anyone on here is for real. If you truly believe what you read, then you should not be trading, honestly. I still dont think the common shares will be wiped out. Between the two, FRE and FNM, there are about 1000 institutions holding the common and preferred. Citigroup stands to lose 1.5 billion dollars. The credit rating of the United States will be downgraded as well. Legg Mason will be placed in a sorry position because they now hold 1 billion in the common of Freddie. I just looked at their financial sheet, Legg. I dont think Legg can afford to lose a cool billion. Look at the Washington Post website. Somehow I believe that the solution announced on Sunday will not be what you think or believe. Do you ever trust "nameless" officials? Somehow, I believe that the news was leaked out for a specific reason. Why doesnt Paulson come right out in a press conference? Why the nameless officials and speculation right after the bell? http://www.washingtonpost.com/wp-dyn/content/article/2008/09/06/AR2008090602540_2.html?hpid=topnews "The Treasury Department has told banking industry representatives and members of Congress that it is sensitive to concerns that a complete wipeout of shareholders could damage the viability of many banks." The Presidential candidates dont want the shareholders to be given preferential treatment. However, the shareholders are all those failing regional banks. Wipe out the shares and place the regional banks into an even more desperate position.
So what, you been scaling in 10 shares at a time? Sorry, Portie. This gotta be the worst trade of the year.
FNM is but a very small percentage of my long term holdings. I dont really care. However, today is yet another great trading day for FNM. A lot of you guys have simply no idea.
Smallest of your holding. Biggest noise made on the forum about it.... And everytime you posted. You are "loading up" on the stock...please.