If you'd been following Doug Kass on RealMoney Silver, you would have been far ahead of the curve. Subscribe to RealMoney Silver so that Doug can clue you in to the next major market-moving event -- and make you some money!

This blog post originally appeared on

RealMoney Silver

on July 10

.

Insolvency at FNM, FRE

8:35 a.m. EDT.

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

agrees

with me.

Doug Kass writes daily for

RealMoney Silver

, a premium bundle service from TheStreet.com. For a free trial to

RealMoney Silver

and exclusive access to Mr. Kass' daily trading diary, please click here.

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.