Shares in Freddie Mac and Fannie Mae plummeted further in early trading on Friday amid speculation that a bailout of the government-sponsored mortgage financiers was imminent, and that such a bail-out would leave little if any value for current shareholders.

Fannie was down 24.9 per cent to $9.92 mid-morning on Friday, while Freddie’s shares fell 26 per cent to $5.92. That came after frantic trading on Thursday in New York had already dragged both mortgage giants’ shares down to their lowest levels since 1991.