Fannie and Freddie take a bath

Specifically they are down about 20% so far today, with Bloomberg reporting that they may need tens of billions more capital. The agency/treasury spread is over 200bps, and CDS on these (supposedly US government credit risk) firm's sub debt are at around 180 over. The predicted chickens are coming home to roost. And we all know that chickens in the bath are not a lot of fun.