Here's Why Fannie Mae and Freddie Mac Are Soaring on Friday
The stock market was having a mildly negative day on Friday. As of 2:15 p.m. EST, the Dow Jones Industrial Average and S&P 500 were slightly negative, while the Nasdaq Composite was barely in positive territory. Mortgage finance giants Fannie Mae (OTC: FNMA) and Freddie Mac (OTC: FMCC) were another story, soaring by 17% and 23%, respectively.
Fannie and Freddie have been under government conservatorship for 12 years, after being bailed out in the depths of the financial crisis in 2008. And there has been an ongoing battle to return control of the companies to shareholders.
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Source Fool.com
