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Federal National Mortgage Association (FNMA) Stock increases in Today’s Mid-day Session

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The share price of Fannie Mae (OTCBB: FNMA), a government-sponsored enterprise providing liquidity and stability in the secondary mortgage market increases in mid-day of today’s session.

The stock has been trading so far in the range of $0.25 and $0.2780. It opened today at $0.2520 and at the last check, it was trading at $0.2725, which was a 7.96% increase from its previous day close of $0.2524. FNMA had been between $0.19 and $0.4050 in the previous 52 weeks. The company’s total market cap stood at $1570.02 million and recorded earnings per share of $-1.77.

FNMA had opened today at a price slightly below to the previous day close price but increased quickly to $0.2560 within few minutes of market open. Then it reached steeply to its intraday high of $0.2780 but dropped to $0.2701 by mid half of the day.

It had traded quite heavily so far for the day with the trading volume of 4.84 million compared to its average 5 day volume of 1.92 million shares and its daily average volume of 4.67 million shares.

Fannie Mae along with Freddie Mac had recently announced their guidance towards the program, “Keep Your Home California and Other States Fund”. This program is part of the Obama administration’s Hardest Hit Fund initiative, which uses federal funds from the 2008 Wall Street bailout to help borrowers at risk of foreclosure. It allows the financially stressed borrowers to reduce their mortgage principal amounts by using Taxpayer funds.

Under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS) program, it had recently priced its seventh Multifamily DUS REMIC in 2012 totaling $700 million.

Kimberly Johnson, vice president of FNMA Multifamily Capital Markets claimed that FNA 2012-M11 is the first GeMS REMIC backed by floating rate collateral. He also quoted that the Depository Institutions are showing quite a lot of interest and confidence over this deal since all classes of the REMIC are guaranteed by Fannie Mae with respect to the full and timely payment of interest and principal.

As per the latest released quarterly results for the period ending June 2012, the company showed continuous improvement in its financial position; its operating income increased by 277% to $5.2 billion and net income was at $5.1 billion. Its total assets were worth $3195.6 billion including $24.73 billion worth of cash and its equivalents.  Total liabilities were $3192.85 billion, among which over 99% was long term. It also paid its 2nd quarter dividend of $2.9 billion to the Department of Treasury.


Posted by on Thursday, September 13th, 2012. Filed under Internet, Stocks. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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