Fannie Mae craters

A $2.3 billion with a B second quarter loss.

Looks like the federal bailout program could get triggered soon if this keeps up. And, since housing prices nationwide could drop another 7-9 percent before the end of the year, there’s more and more of a “triggering” push on the horizon, methinks.

Or, to put it another way, the only stocks lower than Fannie Mae and Freddie Mac right now are Big Three automakers.