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Fannie, Freddie Soar as Hedge Funds Get Good News on Two Fronts (1)

Sept. 9, 2019, 12:31 PMUpdated: Sept. 9, 2019, 8:31 PM

Fannie Mae and Freddie Mac soared the most in almost three years Sept. 9 as hedge funds that have long hoped to make a windfall on their investments in the mortgage giants got a double-dose of good news.

First, shareholders won an important legal victory after markets closed Sept. 6 that gave them renewed optimism of getting their hands on billions of dollars in company profits that now go to the government.

Then, Treasury Secretary Steven Mnuchin said early Sept. 9 that he will soon reach a deal that allows Fannie and Freddie to hold on to some of their...

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