Umm This Bodes An Ill Omen(FAILURE)
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Umm This Bodes An Ill Omen(FAILURE)
Fannie, Freddie Stock To Be Delisted From NYSE
By Lorraine Woellert - Jun 16, 2010
June 16 (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. Bloomberg's Jon Erlichman reports. (Source: Bloomberg)
Fannie Mae and Freddie Mac, the mortgage firms 80 percent owned by U.S. taxpayers, plunged after regulators told them to delist their common and preferred shares from the New York Stock Exchange.
The Federal Housing Finance Agency, which has overseen the two companies since 2008, ordered the moves as a preemptive step after the New York Stock Exchange told Washington-based Fannie Mae that its shares no longer met listing standards, FHFA Acting Director Edward DeMarco said today.
“A voluntary delisting at this time simply makes sense and fits with the goal of a conservatorship to preserve and conserve assets,” DeMarco said in the statement. The delistings are expected to be effective in early July, the companies said.
Fannie Mae and McLean, Virginia-based Freddie Mac, which own or guarantee more than half of the $11 trillion U.S. mortgage market, have been at risk of delisting since September 2008, when they were seized by regulators at the height of the credit crisis. Shareholders include Vanguard Group, Blackrock Inc., Kinetics Asset Management and California’s state pension fund. Some funds are precluded from owning stocks that aren’t listed on an exchange.
By Lorraine Woellert - Jun 16, 2010
June 16 (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. Bloomberg's Jon Erlichman reports. (Source: Bloomberg)
Fannie Mae and Freddie Mac, the mortgage firms 80 percent owned by U.S. taxpayers, plunged after regulators told them to delist their common and preferred shares from the New York Stock Exchange.
The Federal Housing Finance Agency, which has overseen the two companies since 2008, ordered the moves as a preemptive step after the New York Stock Exchange told Washington-based Fannie Mae that its shares no longer met listing standards, FHFA Acting Director Edward DeMarco said today.
“A voluntary delisting at this time simply makes sense and fits with the goal of a conservatorship to preserve and conserve assets,” DeMarco said in the statement. The delistings are expected to be effective in early July, the companies said.
Fannie Mae and McLean, Virginia-based Freddie Mac, which own or guarantee more than half of the $11 trillion U.S. mortgage market, have been at risk of delisting since September 2008, when they were seized by regulators at the height of the credit crisis. Shareholders include Vanguard Group, Blackrock Inc., Kinetics Asset Management and California’s state pension fund. Some funds are precluded from owning stocks that aren’t listed on an exchange.
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