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More dour investor sentiment for government-sponsored mortgage giants Fannie Mae (FNM Quote)and Freddie Mac(FRE Quote) weighed on financial stocks Monday.
A Barron's article over the weekend said that the government expects the Treasury will have to bail out Fannie and Freddie, whose shares have suffered deep losses amid the continuing housing slump. Treasury Secretary Henry Paulson has on a number of occasions said a bailout would not be needed, but the report cited officials that don't see the companies being able to raise enough capital. Fannie plunged 18.8% to $6.42 and Freddie collapsed 20.5% to $4.65.
The NYSE Financial Sector Index tumbled 159.71 to 6,181.54. ...
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