BusinessWeek – The collapse of securities tied to Fannie Mae (FNMA:US) and Freddie Mac punished some of Wall Street’s best known money managers, with star investor Bruce Berkowitz’s main mutual fund losing more than $600 million.
The value of the $8 billion Fairholme Fund’s stakes in preferred and common shares of the U.S. mortgage-finance firms slid to less than $550 million today, from $1.2 billion at yesterday’s close, based on holdings disclosed as of May 31.
