Fannie Mae-No Politics (FNMA)

[malebaboon]

Obit et al - this is horse manure. For the OTC to not have redundancy in servers and service is ridiculous. I am writing a letter to Nick Timiraos at the WSJ. Edits and comments from anybody welcome before I send it. Pasted below:

Hi Nick - Met you at the Zillow conference. I know your beat is not the stock market, but an interesting thing happened this morning with Freddie Mac's Q3 report. Suddenly the entire OTC trading platform 'crashed' because of a 'data hit' and is still out of service as of this moment. There is no mention of this on any news outlet, or any official statement from the OTC. There is a strong suspicion among holders of the Fannie and Freddie common shares that unbridgeable order imbalances caused the OTC's to 'shut down' to protect the market makers and shorts from losing big money.

Twitter had its IPO today and opened at $45 after an IPO price of $26. It also did not open for trading until 10:45 am because of order imbalances. So you can see the problems that order imbalances can cause. This 'outage' on the OTC has never happened for this length of time in its history (to my knowledge) and the silence and lack of transparency as to causes and remedies is concerning. I know you're a hard-nosed reporter able to ask hard questions.

Could you, or someone similarly interested, poke around and ask a few questions?


Thanks all

MB