Gross: GSE shares show U.S. government bailout likely - CNBC
NEW YORK (Reuters) - The depressed shares of U.S. mortgage finance giants Fannie Mae and Freddie Mac reflect the likelihood of a bailout by the U.S. Treasury, Bill Gross, chief investment officer of Pimco or Pacific Investment Management, told CNBC television on Wednesday.
Asked about the possibility of a federal bailout, Gross said: "Well I think so. You know at $3 or $4 dollars per share...in effect, the market is valuing these companies at zero."
Investors still face hundreds of billions of dollars of losses if U.S. house prices decline by another 10 to 15 percent, Gross said.
(Reporting by Jennifer Ablan and John Parry; Editing by Chizu Nomiyama)
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