Fannie Busting the Buck… (FNM, FRE)

Posted in block volume, General 
November 6th, 2009

Fannie Mae (NYSE:FNM) “broke the buck” in pre-market trading this morning after it recorded a net loss of $18.9 billion for the third quarter of 2009. Including $883 million in dividends on the senior preferred stock, the net loss attributable to common stockholders was $19.8 billion, or $3.47 per diluted share.  The company is also waiting on $15 billion more per an FHFA request to the government.

UPDATE 9:32 AM EST: FNM shares are now at $1.01 X $1.02 on over 7 million shares.  FRE shares are down 7% at $1.16 on 2.2 million shares.

At 8:58 AM EST we have shares down 12% at $0.985.  There has only been about 1.5 million shares traded, but that figure will ramp up rapidly after 9:30 AM EST opening bell.  The step-brother is of course Freddie Mac (NYSE: FRE) and it is also down by 12% at $1.10, but on only about 500,000 shares.  The beatings will continue until morale improves!


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