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FNMA

Fannie Mae

$3.08

-0.03 (-0.96%)

, FMCC

Freddie Mac

$3.02

-0.05 (-1.63%)

11:52
11/30/16
11/30
11:52
11/30/16
11:52

Fannie and Freddie spike higher after Mnuchin comments

Shares of mortgage-finance companies Fannie Mae (FNMA) and Freddie Mac (FMCC) jumped this morning after comments from Steven Mnuchin, president-elect Donald Trump's nominee to be U.S. Treasury Secretary. WHAT'S NEW: Mnuchin said the two government sponsored enterprises, or GSEs, should not be under government control and that the new administration "will get it done reasonably fast." Mnuchin made the remarks during an interview on Fox Business Network, that were later reported by Bloomberg. FEDERAL TAKEOVER: In September of 2008, as the financial crisis unfolded, the U.S. Treasury placed the two GSEs into conservatorship run by the Federal Housing Finance Authority, or FHFA. According to the FHFA, "On September 6, 2008, FHFA used its authorities to place Fannie Mae and Freddie Mac into conservatorship. This was in response to a substantial deterioration in the housing markets that severely damaged Fannie Mae and Freddie Macs' financial condition and left them unable to fulfill their mission without government intervention. A key component of the conservatorships is the commitment of the U.S. Department of the Treasury to provide financial support to Fannie Mae and Freddie Mac to enable them to continue to provide liquidity and stability to the mortgage market. OUT OF GOVERNMENT CONTROL: According to Bloomberg, Mnuchin said, "We will make sure that when they are restructured, they are absolutely safe and don't get taken over again. But we've got to get them out of government control." PRICE ACTION: In late morning trading, shares of Federal National Mortgage Association, or Fannie Mae, are up 31% to $4.03 per share, and shares of Federal Home Loan Mortgage, or Freddie Mac, are up 31.5% to $3.97 per share.

FNMA

Fannie Mae

$3.08

-0.03 (-0.96%)

FMCC

Freddie Mac

$3.02

-0.05 (-1.63%)

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TKPYY

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FNBC

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PROV

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YGE

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EPC

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ORC

Orchid Island Capital

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AEP

American Electric

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ORC

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HBHC

Hancock Holding

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TSLA

Tesla

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5.44 (1.76%)

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LMT

Lockheed Martin

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-1.69 (-0.62%)

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BA

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WBA

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0.65 (0.76%)

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SIX

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LMT

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CYH

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MRUS

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