Fannie Mae, Freddie Mac move to over-the-counter trading
Shares of Fannie Mae and Freddie Mac will begin trading over the counter Thursday, nearly a month after the mortgage-finance giants said they could no longer meet the New York Stock Exchange's listing requirements.
Fannie Mae's common stock will trade under the symbol FNMA. Its preferred shares also will be listed. Freddie Mac's common stock will trade under the symbol FMCC. Investors will be able to trade Freddie Mac's 20 classes of preferred stock.
The government took over the companies in September 2008 after they suffered huge loan losses. Last month, their regulator, the Federal Housing Finance Agency, said that Fannie's shares had been below the $1 average price level for 30 trading days. NYSE rules require a company to take action to boost its shares or delist. Freddie's shares have hovered close to the $1 mark.
In their last day on the NYSE, Freddie shares closed down 5 percent at 34 cents. Fannie slid 17 percent to close below 25 cents.