Fannie Mae (FNM) Down 8% As Call Ends
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Fannie Mae (NYSE: FNM) call ends. The stock is down about 8%, but off the lows of the day. On the call, management tried to give a positive tone on surviving as a standalone company, which is the main concern for equity holders.
The company confessed that while capital is good for 2008, they have less visibility for 2009. Fannie said their current book is solid and revenue is solid. They said they are taking aggressive steps to preserve capital and manage credit losses. They said it is crucial for the housing market recovery that Fannie continues in its current state.
The company confessed that while capital is good for 2008, they have less visibility for 2009. Fannie said their current book is solid and revenue is solid. They said they are taking aggressive steps to preserve capital and manage credit losses. They said it is crucial for the housing market recovery that Fannie continues in its current state.
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