Fannie Mae, Freddie Mac exit NYSE for debut in pink sheets
Shares of Fannie Mae and Freddie Mac — the government-controlled financiers that own or guarantee nearly half of all U.S. mortgages — will begin trading over the counter today, nearly a month after the firms said they could no longer meet the requirements for listing on the New York Stock Exchange.
Last month, the companies’ regulator, the Federal Housing Finance Agency, said that Fannie’s shares have been below the requisite $1 average price level for 30 trading days. Freddie’s shares have hovered near the $1 mark.
In 2007, shares of both companies traded above $60. As the housing crisis deepened, the stocks lost almost all of their value, plunging below $1 by September 2008. On Wednesday, shares in Freddie Mac closed down 5 percent at 34 cents, and shares in Fannie Mae slid 17 percent to close below a quarter each.