From a reader:

Jonah, Fannie (FNM) and Freddie (FRE) have lost more than $100 billion in stock value in the last nine months. Freddie’s stock was actually near its ten year high when the collapse began. Enron’s collapse resulted in a $60 billion stock loss, slightly less than Fannie has lost since last year. FNM and FRE have always been touted as ultra safe stocks because the Federal Government implicitly guarantees their bonds. Many of America’s most cautious investors buy FNM and FRE stock, and I have to assume that older and more conservative American’s will bear the brunt of this stock price catastrophe.