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Monday, July 07, 2008

 

indymac driven to FDIC; fannie, freddie hammered


trading halted late in the day today on IMB, and news announced after the bell indicates that indymac -- the second-largest mortgage originator in california and seventh-largest the united states in the last few years after ill-fated countrywide -- will stop making new loans and will make at least some of its activities subject to FDIC approval.

looks like the rumors were right. more from calculated risk and housing wire.

but that may not even be the big story today, which is reserved for fannie mae and freddie mac. both saw their equity savaged, off over (-15%) in just today's trading on "news" that both are woefully undercapitalized. more via marketwatch and housing wire. put it down as another waymarker on the road to nationalization.

UPDATE: i have to agree with accrued interest -- the popular story that some lehman report about fas 140 is responsible for FNM/FRE dumping 15% is horseshit confusing correlation with causation. no streetwise holder of that stock is compelled in the slightest by such a flimsy analyst reading. something else is afoot, and we may find out only later exactly what.

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