We are seeing yesterday’s big losses in Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) continue. In case you missed yesterday, the downgrade to Underperform on both with effective ZERO price targets from Keefe Bruyette & Woods was the culprit for the trading blow-ups. FNM is down 2.6% more at $1.11 on 1.7 million shares as of 8:57 AM EST. FRE is down over 6% at $1.26 on 1.3 million shares. As a reminder, FNM traded over 100 million shares a day and FRE trades about 72 million shares a day. -JON OGG
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