Financials Under Heavy Pressure: Another Shoe To Drop?

Financials are under heavy pressure today. Here are a couple things creating a buzz on trading desks today.

- According to a Lehman Bros analyst, accounting rule changes could require Fannie Mae (NYSE: FNM) to raise an additional $40 billion and Freddie Mac (NYSE: FRE) to raise an additional $29 billion.

- News that the SEC and the Federal Reserve signed a memorandum of understanding today to deepen their information sharing and cooperation could signal something bad could be brewing that the Fed wants to get a handle on.

Here is how some bigger names in the sector are performing today:

Fannie Mae (NYSE: FNM) down 17.5%
Freddie Mac (NYSE: FRE) down 19%
Bank of America (NYSE: BAC) down 4%
Citigroup Inc. (NYSE: C) down 4.3%
JPMorgan (NYSE: JPM) has lost 4.5%
Wachovia Corporation (NYSE: WB) down 7.7%
Lehman Brothers Holdings Inc. (NYSE: LEH) down 9%
Merrill Lynch (NYSE: MER) down 3.5%