> Down something like 80% this year. Well, now that they have been nationalized, it's more like 100%. From my understanding (as gleaned from the Economist), th

> Down something like 80% this year. Well, now that they have been nationalized, it's more like 100%. From my understanding (as gleaned from the Economist), this will wipe out shareholders, both common and preferred. But either way, I think the Feds are doing a good thing, as these guys were pulling Enron-style shenanigans, (guaranteeing their own mortgages, etc) and dominating the conforming mortgage market due to their access to cheap debt. Let regular banks step in and serve that market, instead of being confined to riskier mortgages that the two giants weren't allowed to buy.