Stock of GSEs is a zero says Lockhart

• "It's a stretch," says former FHFA chief James Lockhart of those investors who have bought up the stock of Fannie Mae (OTCQB:FNMA) and Freddie Mac (OTCQB:FMCC) hoping to profit should government lift its thumb off the companies. "The (common) stock and the preferred is worthless and should be worthless."
• Lockhart is now vice chairman at WL Ross & Co, where they know a thing or two about distressed securities.