Investment banking firm Sandler O'Neill has dropped coverage of Fannie Mae and Freddie Mac due to what it calls a "realignment" of the companies it covers.Analyst Laura Kaster, who last covered the government-sponsored enterprises for Sandler, could not be reached for comment by MortgageWire's deadline. Prior to Ms. Kaster, Sandler analyst Mike McMahon had covered the two GSEs for several years but moved on in 2005 to following only depositories. Until accounting scandals at Fannie and Freddie, Mr. McMahon had been mostly bullish on the stocks. When Sandler terminated coverage, it had a "buy" rating on Fannie and a "hold" on Freddie.
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