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Fannie, Freddie Shares Zoom as Concerns Ease

September 14, 2000|Bloomberg News

Shares of Fannie Mae and Freddie Mac climbed Wednesday to their highest level since November as concern waned about passage of any legislation this year to interfere with the mortgage companies' business.

On the New York Stock Exchange, Fannie (ticker symbol: FNM) surged $3.88 to close at $64.88 and Freddie (FRE) jumped $2.88 to $51.63.

Shares of the two mortgage giants have been under pressure since a bill aimed at regulating the companies more closely--and severing their government ties--was introduced in Congress.

Fannie and Freddie are shareholder-owned, though they do business under a government charter to provide mortgage funding to the U.S. housing market.

A round-table discussion on the bill Tuesday on Capitol Hill--the latest in a series of hearings this year--highlighted the bill's scant chances of being passed this year. The bill, introduced by Rep. Richard H. Baker (R-La.) in February, has received little support from other lawmakers, including Republicans, though it spooked investors.

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