Insolvency at FNM, FRE - TheStreet

I was quite direct on Sir Larry Kudlow's show last night.

One of the bolder things I said was that

Fannie Mae

(FNM) and

Freddie Mac

(FRE) are "technically insolvent."

Apparently, former St. Louis

Federal Reserve

President William Poole


with me.

At the time of publication, Kass and/or his funds were short Fannie Mae and Freddie Mac, although holdings can change at any time.

Doug Kass is founder and president of Seabreeze Partners Management, Inc., and the general partner and investment manager of Seabreeze Partners Short LP and Seabreeze Partners Short Offshore Fund, Ltd.