Why should Freddie Mac (FRE), the big banks and large brokerage firms have all the fun losing billions of dollars. Fannie Mae crashed the party today by announcing mind-boggling losses and cutting its dividend. The push shares down 13%

The mortgage company reported a loss of $2.3 billion, or $2.54 a share. According to MarketWatch, Analysts surveyed by FactSet Research were expecting the big mortgage buyer to report a loss of 91 cents a share.

Fannie Mae also cuts its dividend to $.05 from $.35. So much for that attractive yield.

Douglas A. McIntrye