by Calculated Risk on 7/07/2008 01:25:00 PM

From Bloomberg: Freddie Mac, Fannie Mae Plunge on Capital Concerns (hat tip BB)

Lehman Brothers Holdings Inc. analysts said in a report today that an accounting change may force Fannie Mae to add $46 billion of capital and Freddie Mac to add $29 billion.
...
Fannie Mae and Freddie Mac will probably get an exemption from the new FASB 140 rule that would force the companies to bring their off-balance sheet assets back onto their balance sheets ...

And there are concerns about more write downs:

``There's a lot of apprehension about writedowns,'' Tierney, [a credit strategist at Deutsche Bank AG] said. ``If they have writedowns, they have to raise capital. How much do they raise and how easily can they do that? Those are the questions that everybody is asking.''