Fannie Mae, Freddie Mac to delist shares from NYSE

NEW YORK (AP) - Government-sponsored mortgage purchasers Fannie Mae and Freddie Mac plan to delist their shares from the New York Stock Exchange.

The companies' regulator, the Federal Housing Finance Agency, says Wednesday that it expects Fannie Mae and Freddie Mac shares to trade on the Over-the-Counter Bulletin Board, an electronic quotation service.

The move to delist the shares isn't a surprise. The crash in the housing market has pounded Fannie Mae and Freddie Mac with heavy losses on mortgage debt since 2007. Fannie shares have been below the $1 average price level for 30 trading days. NYSE rules require a company to take action to boost its shares or delist.

Fannie Mae shares closed Tuesday at 92 cents, while Freddie Mac shares closed at $1.22.