Mortgage finance companies under governmental conservatorship Fannie Mae and Freddie Mac have been delisted from the New York Stock Exchange on Wednesday.
The companies said that its regulator, the Federal Housing Administration, ordered the companies to trade instead on the Over-the-Counter Bulletin Board, an electronic exchange.
The companies, together guaranteeing more than $12 trillion of U.S. mortgages, may turn out to be the costliest bailout in 2008. So far it has cost taxpayers around $145 billion and with no end in sight as the housing market still looks shaky.
Both companies traded above $60 three years ago prior to the financial crisis. Today, their shares are worth less than $1 per share.
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