Fannie Mae and Freddie Mac Shares Continue to Plummet

Posted by Louis Navellier on 8/20/08 12:27 pm

Shares of Fannie Mae and Freddie Mac continued to free fall today, down about 26% and 22%, respectively.  Bloomberg reported that both GSEs could fail to pay off bonds coming due in the weeks ahead.  Fannie has $120 billion in debt maturing through September 30, and Freddie has $103 billion.

The wild ride in financials is forcing many of the bandwagon investors to get back to smart investing.  That’s why the sectors that have superior growth and profitability characteristics led the market today. 

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