FBR analyst downgrades Freddie Mac: "How do you value these companies?"

A lot of us were looking at fair value book. Now you get the fair value book dropping by $9 billion in one quarter. You have to throw up your hands and say "How do you value these companies?" We don't know.

~ Paul Miller, analyst, Friedman Billings Ramsey

(Mr. Miller cut his rating on Freddie Mac to "underperform" from "market perform" and his price target from $55/share to $20/share following the company's dismal 3rd quarter results. He expects the stock to be under pressure until credit costs and capital levels stabilize.)