Fannie Mae, Freddie Mac Estimates Slashed By Bove After Q1 Earnings

The Crapo-Johnson proposal to reform Fannie Mae / Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA) and Freddie Mac / Federal Home Loan Mortgage Corp (OTCBB:FMCC) is facing resistance in the Senate, and while it has enough support to get out of committee that’s probably the end of GSE reform until after the mid-term elections. Anyone who is thinking about making an investment will have to wait at least another year before it could start to payoff, either because of changing policy or a big court decision. While he doesn’t say it explicitly, Rafferty Capital Markets VP of equity research Richard…