Just like Bear Stearns Cos. before, Fannie Mae and Freddie Mac may be sinking into insolvency faster than regulators had anticipated. Just Thursday, The Wall Street Journal reported that Bush administration officials were preparing plans for the possibility of Fannie and Freddie becoming insolvent, but that no one in the government believed the two government-sponsored enterprises were in fact that troubled. Fast forward 24 hours, and CNBC is reporting on the possibility of a government takeover of the two lenders sending their shares down another third in value. - Matthew Wurtzel
Troubled Wall Street
Share prices at 11 am July 11, 2008 |
| Name |
Open |
Last price |
Change |
Mkt cap |
| J.P. Morgan Chase & Co. |
33.38 |
33.27 |
-1.24 |
114004.03 |
| Lehman Brothers Inc. |
14.91 |
14.05 |
-3.25 |
7765.44 |
| Merrill Lynch & Co. |
26.9 |
27.27 |
-1.44 |
26870.00 |
| Goldman Sachs Group Inc. |
166.35 |
163.60 |
-6.56 |
64426.47 |
| Morgan Stanley |
32.84 |
33.14 |
-0.37 |
36748.95 |
| Citigroup Inc. |
15.86 |
16.22 |
-0.06 |
85152.29 |
| Fannie Mae |
7.16 |
8.70 |
-4.50 |
8486.04 |
| Freddie Mac |
4.26 |
5.15 |
-2.85 |
3330.62 |
| Bank of America Corp. |
21.31 |
21.35 |
-1.01 |
95066.94 |
| Wachovia Corp. |
11.5 |
11.64 |
-1.49 |
24883.43 |
|
Source: The Deal |
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