Anyone get burned by Fannie Mae

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MarcusBear

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Once I burnt myself on a waffle grill...?

True story.
 

chevre

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I considered buying in a few times.. but now I am glad I didn't. Though, I probably would have been in it for the short gain since it was so volatile. But yeah, today was ouch for that stock.
 

Fire2box

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I was just wondering, They Got Me Big time....
Actually people burned Fannie Mae. They took out mortgages they couldn't afford at least before the rates adjusted on them. This is why you should never go with adjustable mortgages no matter how low since they have every right to raise the interest percentage on you. I am not blaming just the people who never bothered to read the fine print on their mortgages, some blame is on Fannie Mae too giving them out to people who can't afford it.

Now not only does the lender pay the price, the people who were stupid to get mortgages they could never pay off but the people paying their mortgages are now screwed as well. The lesson in all of this is read the damn fine print especially on mortgages you take out on your homes.
 

chevre

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Well, by the timing I'd say he probably meant being burned as a shareholder. Today the stock lost ~80% of its value.. which, is not good if you invested last week or recently.
 

weswissa

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Oh, I thought Fannie Mae was actually setting people on fire.
XD
I'm sorry...

~Weswissa
 

Fire2box

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Odd I thought Nevil Covote or whoever from Fox News said the Dow jumped about 280 points today after the government took over Fannie May and fredie Mac.
 

chevre

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The market as a whole went up, but FNM and FRE shares tanked, down under $1/share.
 

ballucanb

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The thing was the stock was highly recommended, and rated AAA and this should have not happened, and I'm only in it a few months, so got screwed, I may have gotten 1% in dividends out of my money.

There are too many people who lost big bucks, because there were alot of people with small amouts invested, and the government does not care about the individual investor, and you can bet your ass no government official lost any money.
 

Pramrider

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I was just wondering, They Got Me Big time....
I'm very sorry to hear that.:frown: These days you don't know where a safe place is to invest your money. You can almost do better by sticking it under your mattress. Might not gain anything for you, but at least you won't lose any of it. My savings plan has lost money, too. About 25% of it is in stock from my employer I'm retired from, which is a multi-billion dollar energy company. Their stock went from over $100 a share down to $60+ presently, so I lost about $4000 so far. If it goes back up to $100 I'm switching it over to a stable fund where the rest of my savings is located.

~Pramrider
 

IncompleteDude

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I'm very sorry to hear that.:frown: These days you don't know where a safe place is to invest your money. You can almost do better by sticking it under your mattress. Might not gain anything for you, but at least you won't lose any of it.
Actually you will slowly lose it, because of inflation it will lose value.
 

Fire2box

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The thing was the stock was highly recommended, and rated AAA and this should have not happened, and I'm only in it a few months, so got screwed, I may have gotten 1% in dividends out of my money.

There are too many people who lost big bucks, because there were alot of people with small amouts invested, and the government does not care about the individual investor, and you can bet your ass no government official lost any money.
No offense but you invested in a mortgage company a few months ago when the housing market was sinking into the 7th layer of hell. Not the smartest idea ever, also investing in a major is NEVER a surefire win. It also sounds like you put all your eggs into Fannie May in orders to strike it rich. Do your own research and quit listening to stock traders. They don't care if you lose or win on your stocks since its your money not theirs and they get paid either way.

Anyways it seams you forgot investing is at its core risk taking.

Oh the best way to invest is via savings accounts at banks, at least that's my view.
 

Pramrider

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Actually you will slowly lose it, because of inflation it will lose value.
After I posted that comment I was waiting to see if someone would come back with that very reply. Incomplete Dude, you didn't disappoint me. :D I know it will lose value through inflation by just stashing it away, but that's normally a much longer, slower process than having your investment practically wiped out in a blink of an eye. I still feel for all those Enron employees, many near or at retirement, who lost everything they thought they had for retirement income. If you put all or even most of your eggs in one investment basket, you're setting yourself up for a loss.

~Pramrider
 

chevre

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No offense but you invested in a mortgage company a few months ago when the housing market was sinking into the 7th layer of hell. Not the smartest idea ever, also investing in a major is NEVER a surefire win. It also sounds like you put all your eggs into Fannie May in orders to strike it rich. Do your own research and quit listening to stock traders. They don't care if you lose or win on your stocks since its your money not theirs and they get paid either way.

Anyways it seams you forgot investing is at its core risk taking.

Oh the best way to invest is via savings accounts at banks, at least that's my view.
Well, the stock crashed from the mid $60 range to under $10.. The hope was that it was an overreaction based on fear, and that the market would correct itself and the stock would regain a portion of its value.

We also knew the government would not let the company fail.. but it was unclear just what that meant. The stock was very volatile and had I bought in it would have definitely been for short gains. There was a pretty wide variety of speculation about what government intervention meant, ranging from complete eliminiation of common stock to actually increasing its value. Bravo to anyone who bought puts on this who saw it coming.. I didn't. Though, from the way it was sounding recently, I was not surprised at the crash today.
 

ballucanb

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Well I can only say they were not all my eggs, but a portion of them, I needed to move the money someplace, and the money was in motgages but with a different offshore company, and I did make goood money with these brokers for the last 4 years.

I used half the money in fannie, and the other half in utilities, I'm not broke just pissed off, that money could have been,my new vette this year instead of next.

I'll just have to sit on the fannie stock, and hope for the best, I got it at 25 and today it was worth 3, if it ever gets close to 20 it will be gone.
 

chevre

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I hate to be a downer, but it's not even worth $3 right now.. It's trading around 80¢. It's possible that it will rebound, but I'm thinking long term like 5+ years. If big brother keeps its hands in the company, however, shareholders might not see much benefit.
 

Fire2box

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Well I can only say they were not all my eggs, but a portion of them, I needed to move the money someplace, and the money was in motgages but with a different offshore company, and I did make goood money with these brokers for the last 4 years.

I used half the money in fannie, and the other half in utilities, I'm not broke just pissed off, that money could have been,my new vette this year instead of next.

I'll just have to sit on the fannie stock, and hope for the best, I got it at 25 and today it was worth 3, if it ever gets close to 20 it will be gone.
I am not saying it sucks for you but I do hope you see my point in not seeing anything as a "Surefire Win". As you can see it did not exactly work out.
 

MysteriousVisitor

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You deserved it, because you're obviously rich. Only rich people can afford to invest in such Aristocratic luxuries as Stock.

/sarcasm
 

CarKid

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I was just wondering, They Got Me Big time....
BEE, tell me that you didn't take out an adjustable rate loan on your house...

Anyways, are you going to the next car show? I was thinking maybe we can meet up again. Its been to long and you were real cool....


Johnathon
 
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