Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) are playing give-back this morning after more and more pundits and reports keep calling these stocks (under government conservatorship) worthless. The government can offer unlimited support, but that is no assurance that the stock and preferred shares won’t be wiped out.
FNM lost gains seen early yesterday and closed down $0.02 at $1.25 on over 124 million shares. At 8:53 AM EST we have seen 1.01 million shares trade and the last print was down 4% at $1.20.
FRE also lost its earlier gains yesterday and closed down $0.10 at $1.50 on over 64 million shares. At 8:53 AM EST we have seen 440,000 shares trade hands at $1.43 for a 4.6% drop so far.
JON C. OGG
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