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Bruce Berkowitz Comments on Fannie Mae and Freddie Mac

August 04, 2014 | About:
Vera Yuan

Vera Yuan

81 followers
Fannie Mae (FNMA) and Freddie Mac (FMCC) preferred stocks and common shares constitute approximately 15% of the Fund’s portfolio. We believe that the two companies may be the most important financial institutions in the United States – perhaps the world – and directly support housing affordability and accessibility, including the uniquely American 30-year fixed-rate mortgage. They are a major reason why our country did not enter a second Great Depression, and are proving to be the most successful taxpayer investments of the Great Recession.

From Bruce Berkowitz (Trades, Portfolio)'s Fairholme Fund Second Quarter 2014 Shareholder Letter.


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Comments

courtney hewitt
Courtney hewitt - 1 month ago

I find this post very interesting. Fannie Mae and Freddie Mac, the government-backed home loan insurance and brokerage corporations, have been in huge financial trouble for many years. Both have obtained billions in taxpayer-funded loans. However, Fannie has published its first profit since 2008 and declined any federal loans for the time being. It is very important that we have savings in these hard times.

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