Fannie Mae, Freddie Mac to delist from US bourses

US regulator the Federal Housing Finance Agency (FHFA), which is in charge of crisis-hit Fannie Mae and Freddie Mac, has directed the two mortgage finance entities to delist from the New York Stock Exchange (NYSE).

The delisting move is on account of stock exchange rules that require listed companies to maintain their share prices over $1 per piece.

Shares of Fannie Mae and Freddie have been mostly trading below the $1 mark in recent weeks.

The FHFA today directed Fannie Mae and Freddie Mac to delist their respective common and preferred stock from the NYSE and any other national securities exchange.

Fannie Mae and Freddie Mac are being overseen by FHFA since late 2008, after being ravaged by the financial crisis. Both entities have also received billions of dollars worth of American taxpayers' money to stay afloat.

In morning trade on the NYSE, shares of Fannie Mae fell to 48 cents, while Freddie Mac dropped to 63 cents.

FHFA Acting Director Edward J DeMarco said the plan to delist shares of the two companies is related to stock exchange requirements, among other reasons.