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Fly News Breaks for December 2, 2016
FMCC, FNMA
Dec 2, 2016 | 09:09 EDT
Keefe Bruyette analyst Bose George noted that comments from incoming Treasury Secretary Steven Mnuchin has sparked a sharply rally in shares of Fannie Mae (FNMA) and Freddie Mac (FMCC), but he believes that even in the best case scenario, which he identifies as the shares being privatized with a 2.5% capital requirement, the capital need will meaningfully dilute the common shares, leaving them with little value. He reiterates his Underperform ratings and $1 price targets on the common shares of both Fannie and Freddie.
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