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Do you think that Ben Bernanke and the Fed have done a good job since the economic downturn?August 19, 2008 Fannie and Freddie Shares PlungeIncreasing bailout fears caused share prices to plummet for Fannie Mae and Freddie Mac. On Monday, at 4 p.m., on the New York Stock Exchange, Freddie shares were down 25 percent to $4.39. Fannie stock dropped 22 percent to $6.15. Both stocks are down more than 90 percent from a year ago, according to The Wall Street Journal.
Investors fear that the companies will not be able to raise more capital by selling shares due to mortgage defaults. After a Barron’s report asserted that a government bailout is likely and could wipe out the value of common shares in Fannie and Freddie, prices plummeted sharply.
The U.S. government remains mum, as Treasury spokesperson Jennifer Zuccarelli said Monday to WSJ, "As the Secretary Henry Paulson has said many times, we have no plans on using the authority." She did not comment on speculation that Treasury might inject some capital into the firms, according to WSJ. Tags: fannie mae (22) freddie mac (16) henry paulson (15) bailout (22) mortgage crisis (4) nyse (10) (323)
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