by Calculated Risk on 7/07/2008 05:28:00 PM

Paul Jackson at HousingWire looks at the Lehman analyst report on Fannie and Freddie today: Fannie, Freddie Socked by Investor Paranoia

Some of HW’s sources on Monday accused Lehman of “factless fear stoking” in discussing the analysis in the report.

“Given the scrutiny the markets are under, Fannie and Freddie in particular, it’s irresponsible to put something like this out without having clearly done your homework,” said one source, a bank executive that asked not to be named.
...
HW’s sources, however, took issue with Harting’s characterization of the impact of FAS 140 to the GSEs, and said that the securitization structures used by both Fannie and Freddie largely qualified for so-called “de-recognition” — that is, for off-balance sheet treatment — under the proposed revisions to FAS 140 guidelines.
...
That’s not to say that Fannie and Freddie are in the clear; each faces other, more bona fide ills that clearly contributed to the cliff diving observed on Monday as well.

I don't know enough about the details to comment.