Fannie Mae (FNM, news, chart) and Freddie Mac are both hitting new 52-week lows on concern about future prospects for equity valuation, and we are seeing brisk option activity in both names. FNM is currently off 13%, near 5.23 and flow is bearish, with 41,000 puts trading and only 22,000 calls. Most active contract is the Sep 2.5 put, where 12,000 have traded, mostly offerside in the 40cent range, and current IV is 300%.