Fannie Mae (FNMA)

[kthomp19]

The NYSE does not "forcefully delist" companies that are not in compliance with listing rules.

The phrase "suspension and delisting procedures will commence" in your link seems pretty forceful to me. Sure, there are procedures and rules to follow, but the NYSE will eventually take action.

It is not odd since the NYSE sent a price non-compliance notice to Fannie Mae on November 12, 2008. The FHFA responded that it will try to reach compliance by May 11, 2009.

This, combined with FHFA's voluntary (?) delisting statement in June of 2010, is what I see as odd. 13 months after May 11 2009, the NYSE still had not started suspension and delisting procedures. What were they waiting for?

They only reason I can see to have waited that long is that they were giving FnF (via FHFA) 18 months from the date of the first notice on November 12 2008. I suppose that, according to the letter of the rule, FHFA's voluntary delisting occurred right around the time that the NYSE would have done so anyway.

In the end it's hard to argue against the delisting given that the common stock price really was below $1 for much of the period between the start of conservatorship and FHFA's voluntary delisting. It was going to happen one way or another.