Freddie Mac's negative net worth raises questions

Reuters reports:

By Freddie Mac's own admission, it has a negative net worth -- the latest reported net market value of the mortgage giant's assets is negative $5.6 billion.

To some investors, that means its shares should be trading closer to zero. Bears argue that the company's bonds are a reasonable investment given the U.S. government's increasingly explicit support, but its shares are a more questionable investment.

No word yet from former Freddie Mac board member Rahm Emanuel on this one.