That looks like hysterical nonsense. You refer to losses in the shares of Fannie and Freddie. Well that is bad news for the shareholders in those companies. But "the losses in that paper" are not ripping the balance sheets of all of the other US banks to shreds. Because the other banks don't own most of the shares of Fannie and Freddie. And the equity capital of those 2 is rather small ( which is part of the problem ), so if the other banks did own those shares, the writeoff on them being worthless would be almost inconsequential.
