Fannie, Freddie Dropped from New York Stock Exchange
Fannie Mae and Freddie Mac common stock was removed today from the New York Stock Exchange (NYSE). The Federal Housing Finance Agency (FHFA) directed the government-sponsored enterprises (GSEs) in June to de-list from the NYSE and any other national securities exchange. The direction came after the price of their common stock hovered near the minimum average closing price of $1 for more than 30 days for most months since the conservatorship took effect in September 2008. Both GSEs begin trading in the over-the-counter (OTC) market today. Their ticker symbols on HousingWire's industry tracker were replaced with private mortgage insurers, PMI Mortgage Insurance Co. (PMI) and Mortgage Guaranty Insurance Corp. (MTG). Fannie said its common stock will begin trading on the OTC Bulletin Board -- which tracks quote, price and volume information in OTC securities -- under the symbol "FNMA". The NYSE and the Chicago Stock Exchange suspended trading of Fannie's common and preferred stock prior to market open today. Fannie had been listed on the NYSE under the symbol "FNM". As of today, Fannie will begin trading under new symbols: Freddie said shares of its common stock and the 20 classes of its preferred stock that previously traded on the NYSE also begin trading today on the OTC market. Previously trading under the symbol "FRE", Freddie's common stock will now trade under "FMCC". The company's preferred stock will also trade under new symbols on the OTC market: "The transition to the OTC market will not affect the company's obligation to file periodic and certain other reports with the SEC under applicable federal securities laws," Freddie said in a statement. Write to Diana Golobay. Disclosure: the author holds no relevant investments.