Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Fannie Mae and Freddie Mac delist from NYSE

chart_fannie_freddie2.top.gifFannie Mae and Freddie Mac had their last day on the New York Stock Exchange Wednesday, after their conservator ordered them to delist. By Julianne Pepitone, staff reporter


NEW YORK (CNNMoney.com) -- Troubled mortgage finance giants Fannie Mae and Freddie Mac said goodbye to the New York Stock Exchange at the end of trade Wednesday.

At the market open Thursday, Fannie and Freddie will start trading on the over-the-counter bulletin board -- also known as pink sheets -- under the symbols "FNMA" and "FMCC."

The Treasury Department poured $83.6 billion into Fannie and $61.3 billion into Freddie to cover losses on the trillions of dollars' worth of mortgage-backed securities they own or guarantee. While that bailout money helped put a floor under the housing market, the two companies have still been shedding money -- with billions of additional losses predicted in coming years.

Last month the Federal Housing Finance Agency (FHFA) ordered both companies to delist from NYSE, saying the decision was based on the weak stock price for both companies, not due to any change in condition at the firms or outlook for their futures.

FHFA and its predecessor agency have overseen the operation of Fannie and Freddie since September 2008, when they were both placed under conservatorship, a form of control similar to a bankruptcy process.

Despite the companies' problems, Fannie and Freddie are still a main source of funding for mortgage lenders. Without the pair of firms, lending to home buyers would have completely dried up.

At the close of trade on their last day on NYSE, Fannie (FNM, Fortune 500) shares were off 17% at 25 cents, and Freddie (FRE, Fortune 500) was down 5% at 34 cents. To top of page

Overnight Avg Rate Latest Change Last Week
30 yr fixed3.43%3.42%
15 yr fixed2.69%2.69%
5/1 ARM2.93%2.96%
30 yr refi3.46%3.42%
15 yr refi2.73%2.68%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 18,570.85 53.62 0.29%
Nasdaq 5,100.16 26.26 0.52%
S&P 500 2,175.03 9.86 0.46%
Treasuries 1.57 0.00 0.32%
Data as of 6:29am ET
Company Price Change % Change
Chesapeake Energy Co... 5.39 0.42 8.45%
General Electric Co 32.06 -0.53 -1.63%
Bank of America Corp... 14.38 0.11 0.77%
Southwestern Energy ... 14.47 1.26 9.54%
PayPal Holdings Inc 37.42 -2.71 -6.75%
Data as of Jul 22

Sections

HSBC banker arrested at JFK airport as he prepared to leave the country. He and former trader face federal charges they manipulated currency trades. More

With one exception, every vice presidential candidate in the past 40 years has released a tax return. Given that Donald Trump hasn't released his tax returns, will Mike Pence be the second exception? More

Verizon has agreed to pay $4.8 billion or $5 billion for Yahoo, according to multiple published reports. More