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To: Terry Whitman who wrote (87285)	3/29/2001 8:09:17 AM
From: long-gone	Respond to of 436258

<<Land went for less than a dollar an acre in most of the country. Not sure what that would be equal to today since the money has been debased for so long, but I'm gonna guess it would be less than $100/ acre. I will buy all the land I can afford for $80 an acre. They aren't printing any more land, but they will print many, many, more clown bucks..>> There is some mighty cheap land out there.

To: Terry Whitman who wrote (87285)	3/29/2001 9:45:41 AM
From: Joan Osland Graffius	Read Replies (2) \| Respond to of 436258

Hi Terry, Re: FRE and FNM. The stocks are expensive, and continue to get bid up. You could be right and they will not trade at a fair value anytime soon. I do not think we need a major depression for these guys to trade lower at a fair value. I do expect real estate to deflate with this downturn, but I am not betting the farm on a 1930's type of environment in the future either. I do think we will see a fair amount of defaults that will come from this economic downturn because I believe debt is going to be a problem with homeowners during the 2001 to 2003 time frame. BWDIK Joan