Friday, June 18, 2010

BP Rebound, Looking at Fannie Mae & Freddie Mac

It's been a decent week. I'm up about 25% v 40% a few months ago and 20% a few weeks ago. I'm still down in BP about 10%. Hearing about the $20 billion fund they're putting together for the Gulf of Mexico oil spill disaster says they're not going out of business and in a year, if not less, barring anymore SNAFUs I think they'll be right back to where they were a few months ago.

Looking at Fannie Mae (FNM) & Freddie Mac (FRE). Five years ago, Fannie Mae was selling for $70/share, Freddie Mac was selling for about $50/share. They've both been delisted by the New York Stock Exchange, because they're selling for less than a dollar a share, about $.50/share each. They are both still government sponsored enterprises, which I think means they're not going anywhere anytime soon. I'm trying to let it drop a little more, but I think I'll be buying in the next week or so.

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