Fannie Mae, Freddie Mac Plummet Following Ruling

Shares of Fannie Mae / Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA) and Freddie Mac / Federal Home Loan Mortgage Corp (OTCBB:FMCC) fell off a cliff after U.S. District Judge Royce Lamberth threw out two prominent cases against the government, capping a steady two-month decline with one-day 36% drop. There’s no question that the court ruling is a major blow to Fannie Mae and Freddie Mac shareholders, but it’s also just one part of a larger court battle that was always expected to last for years. The legal battle over Fannie, Freddie is far from over Lamberth’s decision will probably…