Menu

Fannie Mae Shares Erase Gain for Year as Holders Sell

Bloomberg, By Jody Shenn

Fannie Mae (FNMA:US) and Freddie Mac, which attracted investors such as hedge-fund manager Bill Ackman even as the mortgage giants hand over their profits to taxpayers, are tumbling again.

Fannie Mae fell 1 percent to $2.95 at 9:35 a.m. in New York, after dropping 25 percent from mid-August through last week. Freddie Mac slipped 2 percent today. The plunge erased gains for the year for the companies, which surged 1,000 percent in 2013 on speculation that investors could compel lawmakers or courts to force the government to give up exclusive rights to the earnings. Their preferred shares have also slumped.

Read full article: Fannie Mae Shares Erase Gain for Year as Holders Sell