Freddie Mac and Fannie Mae Receive Boost after Selling Off Short-Term Debt

Troubled mortgage giants Freddie Mac and Fannie Mae received a much needed boost on Monday as their stock moved up 22% and 9% respectively.

That boost came in large part to the mortgage companies decision to sell nearly $2 billion in short-term debt.

Both companies have suffered tremendous losses due to the fallout in the U.S. housing market as they guarantee nearly half of the home mortgages issued. With the increase of borrowers defaulting on loans and the continued drop in housing prices Freddie Mac and Fannie Mae have been forced to make large payouts as guarantors.

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