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This first chart is reality, no Kool-Aide here.
click to enlarge 
This next chart is where we see Freddie Mac (FRE) getting out the ice cubes and sugar. I love the chart title “Delinquencies are low relative to the industry.”
How about this for a title: “Were only on fire a little bit” or “We may be in trouble but look at the other guys” or my favorite title option: “The blue elephant in the living room isn’t as big as the green elephant in the kitchen.”
So let’s see, in 2003-2006 Freddie Mac bounced around 50 basis points. Today they’re at 229, or a 457% increase from where they were). But thank Alan Greenspan almighty! Freddie Mac is not as bad off as the rest.
I think I am going to go out and buy FRE, it’s only .65/share.
Disclosure: No positions
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"These two entities—Fannie Mae and Freddie Mac—are not facing any kind of financial crisis," said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee.
The fox in the henhouse continues to maintain he has the solution to the problem he was instrumental in creating and fostering.