Still, even if all the $11 B at FNM will be "written off", that will still leave a net BV of $15 Billions, far from bankrupt, but "viable", particularly with a line of credit from uncle sam. Is it a buy? I doubt it, if they take the hit they'll be selling at 5 times book at the current price, still high relative to the industry. Growth will have to slow down markedly to bring down assets as well, and second shoes dropping may not be too far off. Last, they do not have the current administration at their corner, making their life a little difficult..
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