Crikey! Someone's taking a chunk out of Fannie Mae

As the late, great "Crocodile Hunter" Steve Irwin might have said, "Crikey!" The market is taking a huge chunk out of Fannie Mae's and Freddie Mac's hides today amid ongoing fears about mortgage losses and potential, additional capital raisings. Shares of Fannie Mae were recently off 18%, while shares of Freddie Mac were down 21%. The spreads between yields on Fannie and Freddie MBS and Treasuries are widening out again. And credit default swaps on Fannie and Freddie debt are getting somewhat more costly. Good thing the credit crisis has been contained or I might be worried.