UPDATE: "Fannie, Freddie Plunge Over 30% Each (FNM; FRE)"
Original post:
It's about time.
In early pre-market Fannie is trading up 6 cents.
Anyone still holding the common would be better off selling the stock and buying lottery tickets.
From Bloomberg:
The Federal Housing Finance Agency has directed Fannie Mae and Freddie Mac to delist their common and preferred stock from the New York Stock Exchange and any other national securities exchange. When completed, Fannie’s and Freddie’s common and preferred stock is expected to be quoted on the Over–the-Counter Bulletin Board, the agency said in an e-mailed statement.From Reuters:
The regulator for mortgage finance companies Fannie Mae (FNM.N) and Freddie Mac (FRE.N) on Wednesday said the decision to delist them from the New York Stock Exchange was no reflection on their performance.
In a statement, the Federal Housing Finance Agency said its decision was based on Fannie Mae's stock price falling below NYSE's required minimum of $1 per share.
"FHFA's determination to direct each company to delist does not constitute any reflection on either enterprise's current performance or future direction, nor does delisting imply any other findings or determination on the part of FHFA as regulator or conservator," FHFA Acting Director Edward DeMarco said. (Editing by Theodore d'Afflisio)
