"There was an initial euphoria. Now you have folks taking half a step back looking at the plan," said Chip Hanlon, president of Delta Global Advisors in Huntington Beach, California. "This is just delaying the day of reckoning."
Fannie Mae and Freddie Mac together back about half of the country's $12 trillion in home mortgages. Their bailout could be among the government's costliest ever.
"If you've got to continue to be saved, that tells you we've got major problems. If anything, today tells me there's a lot worse out there than we really know," said Saluzzi.
