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Fannie May but most likely won't.
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Recover anytime soon, that is. I said everything there is to say about FNM in my blog entry last November when it was the Question of the Week at that time. Nothing has changed except, perhaps, for the worse. As of today the price-to-book ratio is only 1.17, which at first glance looks like decent value. Unfortunately FNM is facing yet more problems to come. Even if the government does manage to bail out Fannie Mae to the extent that it does not go under completely, it won't be a money-making bet for years. When I say "the government" I mean, of course, we-the-taxpayers. And at some time the public may tell their elected representatives that enough is enough -- just let Fannie go belly up. Or, with today's game of passing around bundles of debt like a hot potato, it is more likely that FNM gets merged into something else at cents on the dollar. | ||
Comments (1)
Good post T&B. I think the risk of gov't 'help' is another really good reason to stay out of this stock.
Posted by Russell Krull | June 6, 2008 8:21 AM