<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://www.clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/00791a29-76af-4c6e-8905-6417fd61142e/1524F6B4-AD20-4548-AB5A-F8B258439DDB/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://latimesblogs.latimes.com/money_co/2009/10/fannie-mae-freddie-mac-shares-worthless-zero-keefe-bruyett.html" href="http://latimesblogs.latimes.com/money_co/2009/10/fannie-mae-freddie-mac-shares-worthless-zero-keefe-bruyett.html" style="font-size: 11px;">latimesblogs.latimes.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://latimesblogs.latimes.com/money_co/2009/10/fannie-mae-freddie-mac-shares-worthless-zero-keefe-bruyett.html"><H1 class="entry-header"><A title="Fannie, Freddie shares dive on zero-value prediction" rel="bookmark" href="http://latimesblogs.latimes.com/money_co/2009/10/fannie-mae-freddie-mac-shares-worthless-zero-keefe-bruyett.html">Fannie, Freddie shares dive on zero-value prediction</A></H1></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://latimesblogs.latimes.com/money_co/2009/10/fannie-mae-freddie-mac-shares-worthless-zero-keefe-bruyett.html"><P>A new analysis of loss-ridden mortgage giants <STRONG><A href="http://markets.latimes.com/custom/tribune-interactive/html-companyprofile.asp?symb=fnm&siteid=latimes">Fannie Mae</A></STRONG> and <STRONG><A href="http://markets.latimes.com/custom/tribune-interactive/html-companyprofile.asp?siteid=latimes&symb=fre">Freddie Mac</A></STRONG> tries to nail shut the coffin on their common stocks.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://latimesblogs.latimes.com/money_co/2009/10/fannie-mae-freddie-mac-shares-worthless-zero-keefe-bruyett.html"><STRONG>Even presuming that the old Fannie and Freddie portfolios would earn net operating profits over the next 10 years as the mortgage crisis abates, the companies still would have negative equity at the end of that period because of what they owe taxpayers, Keefe says.</STRONG></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://latimesblogs.latimes.com/money_co/2009/10/fannie-mae-freddie-mac-shares-worthless-zero-keefe-bruyett.html"><P>"In this scenario, both the common and preferred equity of the [companies] should be worthless," the firm says. "Our bad bank analysis suggests that the companies will still owe the government almost $100 billion by the end of year ten. As a result, we are ... cutting our price targets to $0."</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/1524F6B4-AD20-4548-AB5A-F8B258439DDB/blog/" title="blog or email this clip"><img src="http://content8.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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