Fannie Mae, the mortgage giant reported a first quarter net income of over $58 billion turning the company from junkie to a cash cow. The surge boosted their price shares by 400% in the past 3 months.
The company is under government control so the stocks are only worth the trade. Since the company got under government conservatorship during the crisis, Fannie Mae is required to pay all profits and dividends to US Treasury and not to shareholders. Thats why its stocks were taken of the New York Stock Exchange. Their shares would have value only in case government allows them to recapitalize the company.
No matter the future of the company, Fannie Mae is making a lot of money for traders. Although, lots of people view it as a trade rather than a long term investment.
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