Shares of Fannie Mae (FNMA) Soar in Today’s Trading; Company Releases 1Q Results
Shares of Fannie Mae (OTC: FNMA), the government sponsored enterprise chartered by the Congress to support liquidity and stability in the secondary mortgage market, are up sharply in today’s trading.
At last check, the penny stock of FNMA was trading 11.62% higher at $0.293, with volume up from daily average of 1.98 million to 6.92 million.
Fannie Mae shares are soaring after the company released its first-quarter financial results. For the first quarter ended March 31, 2012, FNMA reported net income of $2.7 billion, compared with a net loss of $6.5 billion reported for the same period in the previous year. This is the first time FNMA has posted a profit since it was taken over by the government during the financial crisis in 2008.
FNMA’s improved results were mainly due to slower home price declines, reduced inventory of single-family homes and fewer mortgages in serious delinquency.
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