Oh Yes, this is good news that F&F are not for sale. The Govt. seems to see the value of holding on to the companies and reap the rewards.
They may screw it up but right now it is the biggest moneymaker they have besides our back pockets.
"The stocks of the two companies have been yanked back and forth for the past week."
-- The Fannie/Freddie wild ride: Fannie Mae (FNMA) and Freddie Mac (FMCC) were down after the government essentially said the bailed-out mortgage giants aren't for sale.
The stocks of the two companies have been yanked back and forth for the past week. They sprung higher last week on news that mutual-fund company Fairholme Capital Management wanted to buy parts of the two companies, rose some more after hedge fund Pershing Square revealed it had bought big stakes in both, then plummeted this week as the euphoria wore off and investors came to grips with the long-shot nature of such plans. On Wednesday, President Obama's top economic adviser Gene Sperling said what everyone had already suspected: The government doesn't want to put Fannie and Freddie up for sale. (Read more here.)
Fannie and Freddie were both down as much as 7% on Thursday, though the losses had shrunk by afternoon, when both were down about 2%.
Fannie, at $2.69, was still above its $2.40 closing price on Nov. 12, just before the Fairholme deal was announced. Freddie, at $2.48, was also above its Nov. 12 closing price of $2.25.
All told, Fannie soared 42% last week, closing as high as $3.30, and Freddie jumped 38%, closing as high as $3.08. As of Thursday afternoon, Fannie was down 18% for this week so far and Freddie was down 19%.
It would be remiss to not point out the relative nature of the big gains and losses, too: Fannie and Freddie have spent most of the past five years trading below $2, and often below $1, so changes of even a few cents can have a big impact in percentage terms.
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