Both Fannie Mae and Freddie Mac closed at $1.08 per share on Wednesday, continuing a spectacular run-up in recent days. Until March 14, Fannie Mae had been closing consistently in the area of $0.29-$0.30 per share.
But on Wednesday, its price improved over 50% from Tuesday’s close and 110 million shares traded. The last time Fannie Mae’s stock even reached $1 per share was May 28, 2010.
For Freddie Mac, the price increase was 54% with 45 million shares changing hands. The last time Freddie Mac traded above $1 was on June 16, 2010.
As for the Mortgage Industry Equity Composite stocks, the leading gainer was KB Home, up 2.57% from its Tuesday close, followed by Radian at 2.43% and CoreLogic at 2.23%.
MGIC Investment Corp. was the most traded MIEC stock on the day (with the exception of Bank of America, which normally has high volume), with 28 million shares changing hands. It was also the biggest percentage decliner, off 1.68%, followed by Home Loan Servicing Solutions, down 1.21% and Redwood Trust, down 1.10%.