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Fannie, Freddie shares fall after report of bailout

NEW YORK
Fri Sep 5, 2008 6:20pm EDT

NEW YORK (Reuters) - Shares of mortgage finance companies Fannie Mae and Freddie Mac dropped in after-hours trade on Friday, on concerns any U.S. Treasury rescue plan could wipe out shareholder value.

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The Wall Street Journal reported after the closing bell that the U.S. Treasury is close to finalizing a plan to backstop the two government-sponsored enterprises.

Fannie shares fell 16.9 percent to $5.85, while Freddie's shares fell 7 percent to $4.74.

(Reporting by Kristina Cooke)
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