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I did too went long in July, but now I think you're just throwing your money away. Paulson's talk is the tip-off. It is meant to keep the preferred holders from panicking until Washington figures out how much to give them. It is already over; the 2 agencies will be nationalized.
Aug 23 10:40 am
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All Comments by gobbleknoll »Why I Finally Bought Fannie Mae [View article]
There will be a receiver weekend in mid-Sept. A pair of new federal agencies will be created-- effectively, the Mortgage Bureau of the Treasury Dept. If no one is tipped off Friday afternoon, FRE and FNM will appear Monday morning, after a huge pre-market plunge to penny level, as tickers for defunct firms holding only bad debt. Some short covering rallies follow before they settle down to the sub-$0.25 range.
Position: Short FRE and FNM.