Outcome Based Management

Also known as smoothing. FNM records 9 Billion loss that was previously hidden. FRE records 5 Billion in gains also previously hidden.

We can see that as a result of a major circle jerk in mortgage-backed derivatives that FNM has BLOWN 4 Billion (9-5).

Does that = Musical Chairs over? Is it time to rip the guts out of bonds? Suggest the prudent investor start with U$D bonds.