Fannie Mae, Freddie Mac stocks plummet amid lawsuit
Housing Wire - October 2, 2014 - October 2, 2014
Housing Wire, By Brena Swanson
Fannie Mae and Freddie Mac stocks dropped on Wednesday, after a judge threw out a lawsuit brought by investors in the companies to stop the government from making the companies pay a quarterly dividend to the U.S. Treasury. Per Reuters:
Fannie Mae fell 50% to $1.33 a share from a close of $2.69 on Tuesday, while Freddie Mac shares lost 47% to $1.40 a share. Both companies saw more than 8.5 million shares traded in premarket action.
Currently, Fannie and Freddie profits go to the government, and the investors were suing for their perceived share.
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