Posted on 06/16/2010 10:10:36 AM PDT by SeekAndFind
June 16 (Bloomberg) -- Fannie Mae and Freddie Mac, the mortgage firms 85 percent owned by U.S. taxpayers, plunged more than 50 percent after regulators told them to delist their common and preferred stock from the New York Stock Exchange.
The Federal Housing Finance Agency, which has overseen the two companies since 2008, ordered the moves as a preemptive step after the New York Stock Exchange told Washington-based Fannie Mae that its shares no longer met listing standards, FHFA Acting Director Edward DeMarco said today.
“A voluntary delisting at this time simply makes sense and fits with the goal of a conservatorship to preserve and conserve assets,” DeMarco said in the statement. The delistings are expected to be effective in early July, the companies said.
Fannie Mae and McLean, Virginia-based Freddie Mac, which own or guarantee more than half of the $11 trillion U.S. mortgage market, have been at risk of delisting since September 2008, when they were taken over by regulators at the height of the credit crisis. Shareholders include Vanguard Group, Blackrock Inc., Kinetics Asset Management, and California’s state pension fund.
Shares of Fannie Mae fell 50 percent to 46 cents at 12:02 p.m. in New York Stock Exchange composite trading. Freddie Mac fell 52 percent to 59 cents.
The companies, which are expected to trade on the Over-the- Counter Bulletin Board, will file reports with the U.S. Securities and Exchange Commission after the delisting, DeMarco said.
(Excerpt) Read more at businessweek.com ...
Sorry, they ARE penny stocks.
and this announced as shyster Jamie Gorelick slithers out of a hole and back into the WH alongside that sorry lot of BP executives
Now the taxpayers will own these Dem plantations for an eternity. This will mean even less transparency in their operations.
So why did we have to bail them out?
Shouldn’t Franklin Raines be made to give those Billions back?
Anyone remember,
Barney Frank, Fannie and Freddie are strong going forward..
Down to 60 cents, down 32 cents or 35%.
How do you spell “moral hazard”?
$ 1 9 , 0 0 0 , 0 0 0 , 0 0 0 , 0 0 0
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