With friends like these how can you fail?
Fannie Mae (nyse: FNM - news - people ) and Freddie Mac (nyse: FRE - news - people ) surged Monday morning, but then cooled after news that the Federal Government announced a three-pronged plan on Sunday to ensure that the two government-backed lenders, which own or guarantee roughly $5.3 trillion or half of all outstanding U.S. mortgage debt, are able to continue operating.
The government's action turns an implicit government guarantor into an explicit one, and boosted investor confidence, at least initially. Freddie was down 1.4%, or 11 cents, to $7.64 and Fannie added 2.8%, or 29 cents, to $10.54 by noon in New York.
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Tuesday, July 15, 2008
Investors Still Shy Of Fannie & Freddie
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