Common shares of Fannie Mae and Freddie Mac recovered earlier losses after U.S. Commerce Secretary Luttig stated that the initial public offerings (IPOs) for the two companies should happen sooner rather than later.
When asked whether the IPOs could be completed in the first quarter, Luttig responded, "I would like to see that happen."
He noted that significant progress has been made in the government's negotiations with Fannie Mae and Freddie Mac.
At one point, Fannie Mae shares rose by 6%, while Freddie Mac shares climbed 5%, both reaching their highest intraday levels since November 20.
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