Following the disastrous news from US mortgage lenders 'Freddie Mac' and 'Fannie Mae' last week, a PR guru has been hastily appointed to give both firms a rapid makeover to boost their flagging images.
Freddie Mac and Fannie Mae own or guarantee almost half of all US home loans, and last week their shares plummeted following the news that they are strugggling to raise funds.
Jason Kamp, CEO of the celebrity 'Smoke and Mirrors' PR agency, announced that the image makeover would start with new names for both firms. 'Freddie Mac' is to be re-branded as the 'Big Mac' in a joint venture with a soon-to-be-revealed fast-food restaurant. It is hoped that the new name will emphasise the vast scale of the Freddie Mac business.
However, initial suggestions to rename Fannie Mae in a similar vein to 'Big Fannie' were deemed to be somewhat inappropriate, particularly in the UK market. As the search continues, the names 'Very Big Fannie', 'Huge Fannie' and 'Fannie By Gaslight' have also been discounted.