And there it is.
S&P downgrades Fannie Mae and Freddie Mac from AAA to AA+.
We've been warning readers that Fannie and Freddie would be downgraded today by S&P.
Things are really starting to get interesting here folks.
Now we're just waiting for the Bank of America/ JP Morgue, Goldman Sachs, AIG downgrades.
Credit rating agency Standard and Poor's on Monday downgraded the debt of mortgage finance giants Fannie Mae and Freddie Mac.
The downgrades to AA+ are part of the continued fallout from the agency's decision to drop U.S. sovereign debt to AA+, an unprecedented move that rattled investors and sparked concern over the long-term impact of the action.
More from CNN: