FNM FRE: Which Is Weakest?

If you must short one of these, which would be the better short?

FNM 7.91
FRE 5.85



The Endgame Nears For Fannie and Freddie

By Barrons
Last update: 7:08 a.m. EDT Aug. 16, 2008
IT MAY BE CURTAINS SOON FOR THE MANAGEMENTS and shareholders of beleaguered housing giants (FNM:
Fannie Mae Last: 7.91-0.32-3.89% 4:02pm 08/15/2008 FNM 7.91, -0.32, -3.9%) and (FRE: Freddie Mac Last: 5.85-0.09-1.52% 4:05pm 08/15/2008 FRE 5.85, -0.09, -1.5%). It is growing increasingly likely that the Treasury will recapitalize Fannie and Freddie in the months ahead on the taxpayer's dime, availing itself of powers granted it under the new housing bill signed into law last month. Such a move almost certainly would wipe out existing holders of the agencies' common stock, with preferred shareholders and even holders of the two entities' $19 billion of subordinated debt also suffering losses.
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