Fannie, Freddie To Delist Stock From U.S. Exchanges

The Wall Street Journal reports:

Fannie Mae and Freddie Mac said they intend to delist their stock from the New York Stock Exchange as the government-backed mortgage companies continue to struggle amid billions in losses.

The Federal Housing Finance Agency, the companies' conservator, said it directed them to delist their stock because of stock-exchange requirements for maintaining price levels above $1 per share.

"FHFA's determination to direct each company to delist does not constitute any reflection on either enterprise's current performance or future direction, nor does delisting imply any other findings or determination on the part of FHFA as regulator or conservator," said Acting Director Edward J. DeMarco.

After the delisting, the two stock of the companies will be traded in the over-the-counter market. Freddie said it expects the delisting of its common stock and the 20 listed classes of its preferred stock from the NYSE will happen on or about July 8. Fannie will delist from the NYSE and the Chicago Stock Exchange.

Great moments in fascist economics.