Anyone want to bet how bad the mark-to-market write-offs at Fannie and Freddie will end up being?

Hint - it'll be in the hundreds of billions, and it'll make the S&L mess seem like child's play. Yet not one single dollar has been written off so far.

Some days you gotta wonder if these two agencies have competent (and not corrupt) public auditors. Obviously they didn't when they were cooking the books a few years back. And they DEFINITELY don't today.

Come on Deloitte. Come on PriceWaterhouseCoopers. Do your f*cking jobs.

Three little words for starters:

Mark to Market.