Fanny Mae, Freddie Mac Ordered to Delist from NYSE

Submitted by Melissa Hoffmann on Wed, 06/16/2010 - 08:53

The mortgage finance giants Freddie Mac and Fannie Mae have been ordered to delist from the New York Stock Exchange by the Federal Housing Finance Agency (FHFA), the agency that oversees the two.

In a statement, the Federal Housing Finance Agency said its decision was based on Fannie Mae’s share price falling below a required minimum of $1 a share. The share price sank in September 2008, and since then has hovered around $1. Tuesday’s close was 92.4 cents a share.

Once the delisting is completed, the regulator said, each company’s shares will be quoted on the Over-the-Counter Bulletin Board, according to the statement.

“A voluntary delisting at this time simply makes sense and fits with the goal of a conservatorship to preserve and conserve assets,” said FHFA Acting Director Edward J. DeMarco.

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Fannie Mae

Submitted by jamie_a (not verified) on Sat, 06/26/2010 - 04:26.

Fannie Mae is choosing to no longer support any mortgages for at least seven years if the property owner did a strategic default. I can't believe Fannie Mae is intending now to punish the people they put within the predicament they're in. Fannie Mae is upset that homeowners aren't bowing down to the business that screwed them over thus causing difficulties for the business. If they hadn't gotten people locked into ridiculous mortgages, they wouldn't have individuals trying to get out of these loans. Fannie Mae is pathetic if they really think that they have any market power left to punish people or not.

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