[laserboy]

Fannie Mae is completely collapsing right now. They have flat out stated that it will take them til the end of NEXT YEAR to finish cooking their books, and they face a possible delisting from the NYSE.

From my perspective the only reason their MBSs still carry an investment grade rating is fear of roiling the markets. Why rationale is there to trust the agency ratings of these securities?

The whole thing is like reading Smartest Guys in the Room in slow motion.