Fannie Mae (FNMA.OB +31.5%) and Freddie Mac (FMCC.OB +26.9%) continue a torrid run, now closing...

|About: Fannie Mae (FNMA)|By:, SA News Editor

Fannie Mae (FNMA.OB +31.5%) and Freddie Mac (FMCC.OB +26.9%) continue a torrid run, now closing in on quadrupling this week. Buy the stocks for a trade, but the idea there is any value at all in the common when it's likely the preferred may even be worthless is "just insane," says John Hempton (an owner of the preferred).