Wednesday’s trading session on the OTC is being led by the penny stocks of the bail-out brothers, Fannie Mae (FMNA) and Freddie Mac (FMCC). After reporting $2.2 billion net income for Q2, its second quarterly gain in net income since being taken over by big brother, the mortgage moguls attribute the increase to improving home prices and fewer foreclosures. Based on those two reasons, one would think that this proves the housing market is in a recovery.
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After 30 minutes of trading, FNMA is up 10.34% at 0.32 with over $3 million in volume on nearly 10 million shares while FMCC is also up 12.59% at 0.322 with dollar volume of nearly $1 million on volume of almost 3 million shares. The two penny stocks are currently leading in the most actively traded column on this lazy August hump day while traders look for the best things to occupy their time until the APS/TBX pick next week.
Since FNMA is slated to pay $2.9 billion to the U.S. Treasury Department in the form of a quarterly dividend, its second consecutive multi-billion dollar dividend payment, is it safe to assume that the housing market is bouncing back?
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