Asian markets heading lower

Asian & Australian markets suffered sharp declines. Most are down 1½% - 2½% (except for Shanghai which is little changed) with banks & financials experiencing much of the selling pressure. Banks are selling off 2-4% following declines in the US. They have a lot of US borrowings & worries about suffering greater losses is bringing on this selling. Asian markets are very concerned about Fannie Mae (FNM) & Freddie Mac (FRE) if for no other reason than all the agency bonds they own. Oil is down pennies into the 144s, there is not a lot of conviction in the oil market presently.