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Fannie and Freddie Common Shares Sink: Financial Losers

Antoine Gara covered the nuts and bolts of how the government structured bailout approaches for several companies, including General Motors, AIG, Fannie Mae and Freddie Mac, keeping the door open for DTA recapture.

Turning away from Fannie and Freddie, the Dow Jones Industrial Average was down 0.5%, while the S&P 500 (SPX.X) and Nasdaq Composite indices each saw declines of 1%, as investors continued to worry over the bailout prospects for banks in Cyprus.

After several weeks of improving unemployment reports, the Department of Labor on Thursday said first-time unemployment claims for the week ended March 16 rose by 2,000 from an upwardly revised 334,000 the previous week. Still, last week's initial jobless claims came in below the average estimate of 342,000, among Economists polled by Thomson Reuters.

The KBW Bank Index (I:BKX) was down over 1% to close at 56.47, with all but two of the 24 index components showing declines.

-- Written by Philip van Doorn in Jupiter, Fla.

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Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for TheStreet.com Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.
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