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To: Joan Osland Graffius who wrote (87407)	3/29/2001 12:25:03 PM
From: Terry Whitman	Read Replies (1) \| Respond to of 436258

That's a sensible approach, IMO. Don't mistake me, there very well could be some RE deflation. As a matter of fact, I am seeing a little bit in my neighborhood right now. It's a buyer's market right now- and they keep building more new homes. So, they will likely go lower. I would guess FRE and FNM could get hit pretty good if that happens nationwide. I wouldn't hold out for any 60 or 70% falls though. Al and the gang will print like hell if anything like that starts to happen.. Good Luck, TW

To: Joan Osland Graffius who wrote (87407)	3/29/2001 12:37:33 PM
From: mishedlo	Respond to of 436258

Joan, another thing in our favor is housing has slowed, refinancing has slowed etc. If we have a slow spring in housing they should drop substantially. The key word is should and I feel like a moron talking like this. I am absolutely disgusted the way they have walked up IFIN on ZERO volume. When volume hits it should drop 10 points in a row, but who the hell knows, perhaps they can walk it up another 20 points on zero volume. 1/3 normal volume 3 days in a row. Every day up. I fell like a moron holding puts that are losing money whle everyone else is having a field day. M