Brought 50 Shares of FNM at $35.20 yesterday. The market cap was at its intrinsic value according to my calculation. Fannie Mae has little chance going bankrupt since it’s government sponsored. I want to take advantage of this bad-beat housing market. Country Wide is the leading company in this area, but its status look pale compare to FNM. FNM has about 6500 employee, compare to 54000 in Countrywide, and FNM has more equity and income, which makes it highly efficient and low cost and I believe it will rebound faster.