Fannie, Freddie Plunge After Moving to Delist Shares

Fannie Mae and Freddie Mac, the mortgage firms 80 percent owned by U.S. taxpayers, plunged after regulators told them to delist their common and preferred shares from the New York Stock Exchange.

The Federal Housing Finance Agency, which has overseen the two companies since 2008, ordered the moves as a preemptive step after the New York Stock Exchange told Washington-based Fannie Mae that its shares no longer met listing standards, FHFA Acting Director Edward DeMarco said today.