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U.S. mortgage-finance giants Fannie Mae and Freddie Mac are set to delist from the New York Stock Exchange, and move to the over-the counter market on Thursday.
The two mortgage companies, 80 percent owned by U.S. taxpayers, have seen their market value shrink by almost 100 percent over the past two years. The Federal Housing Finance Agency ordered them to delist last month, after the stock exchange notified the government that Fannie Mae was longer meeting listing standards.
Under the rules of the New York Stock Exchange, stocks will be delisted if their prices fall below 1 dollar for 30 consecutive trading days. But analysts say the real reason lies in the contradiction of government guidance and the benefit of shareholders.