We provide a mathematical analysis of the spectrum of the linear stability problem for one and two layer channel hows of the upper-convected Maxwell (UCM) and Oldroyd-B fluids at zero Reynolds number. For plane Couette flow of the UCM fluid, it has long been known (Gorodstov and Leonov, J. Appl. Math. Mech. (PMM) 31 (1967) 310) that, for any given streamwise wave number, there are two eigenvalues in addition to a continuous spectrum. In the presence of an interface, there are seven discrete eigenvalues. In this paper, we investigate how this structure of the spectrum changes when the how is changed to include a Poiseuille component, and as the model is changed from the UCM to the more general Oldroyd-B. For a single layer UCM fluid, we find that the number of discrete eigenvalues changes from two in Couette flow to six in Poiseuille flow. The six modes are given in closed form in the long wave limit. For plane Couette flow of the Oldroyd-B fluid, we solve the differential equations in closed form. There is an additional continuous spectrum and a family of discrete modes. The number of these discrete modes increases indefinitely as the retardation time approaches zero. We analyze the behavior of the eigenvalues in this limit.