Fannie & Freddie… Sitting in a Tree (FNM, FRE)

Posted in pre-market 
August 21st, 2009

We are seeing unusual trading in both Fannie Mae (NYSE: FNM) and in Freddia Mac (NYSE: FRE) early this morning.  This is ahead of existing home sales data and ahead of Bernanke’s speech this morning in Jackson Hole.  At 8:32 AM EST we have Fannie Mae up almost 7% at $1.17 on over 4.1 million shares and Freddie Mac is up 5% at $1.68 on over 2.8 million shares.  Both trading volumes are representative of over 10% of the entire day’s trading volume.  That is not normal for right at one hour until the market opens. -JON OGG

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