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.

Most Popular Articles

Are mortgage rates about to hit an all-time low?

The lowest mortgage rates have ever been was around Thanksgiving 2012 when the interest rate for a 30-year fixed-rate mortgage fell to 3.31% (according to Freddie Mac data), but rising panic over the coronavirus could drive rates to lows never seen before. HW+ Premium Content

Feb 25, 2020 By

Latest Articles

Has Bloomberg gotten anything right about housing?

In this week’s column, HousingWire Columnist Logan Mohtashami responds to presidential candidate Mike Bloomberg’s comments on the financial crisis, providing his own view on how the market crashed and how to keep it from ever happening again.

Feb 26, 2020 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please