crazy stock markets....

I may just be crazy...but I recently purchased 400 shares of Freddie Mac and 100 shares of Fannie Mae in various accounts. With these stocks at such ridiculously low prices, is it a bad thing to buy now? Long-term strategies tell me that this short-term issue will probably not effect the long-term plans of either business.

Of course, I'm crossing my fingers.

Fannie Mae CEO, Daniel H. Mudd, made a statement:

We continue to hold more than adequate capital reserves and maintain access to liquidity from the capital markets. Given the market turmoil, having options to access provisional sources of liquidity if needed will help to strengthen overall confidence in the market. We will continue to do our part to provide liquidity, stability and affordability to the housing market now and in the future.

Of course...his name is Mudd.

Freddie Mac CEO, Richard F. Syron made a statement:

......This affirmation of the important role of the GSEs, and that we should continue to operate as shareholder-owned companies, should go a long way toward reassuring world markets that Freddie Mac and Fannie Mae will continue to support America's homebuyers and renters......We are in the process of finalizing our June 30, 2008 results and we estimate that they will show we have a substantial capital cushion above the 20% mandatory target surplus established by our regulator. We expect the results will also show that we have a much greater surplus above the statutory minimum capital requirement. The company's capital and liquidity resources will enable it to continue to serve its public mission as it has always done.

Hmm....I don't see a reason for them to lie given that their company stocks are taking a beating.