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Fannie Mae, Freddie Mac shares surge

NEW YORK
Wed Jul 23, 2008 10:01am EDT

NEW YORK (Reuters) - Shares of Fannie Mae and Freddie Mac rose at the open on Wednesday, before the U.S. House was expected to pass a rescue plan for the two housing finance companies.

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After initially rising more than 12 percent, both shares pared some of those gains in the first minutes of trading.

Shares of Fannie Mae were up 11.3 percent at $14.93. Freddie Mac shares rose 6.9 percent at $10.37.

(Reporting by Kristina Cooke; Editing by Tom Hals)
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