When the Going Gets Tough, the Tough Sell Their Shares

As most readers of National Mortgage News know, Freddie Mac appears to have returned to profitability, while Fannie Mae still struggles with the red ink. It’s unclear when Fannie will finally turn the corner, but with all the great quality loans it’s been buying the past two years, certainly that day will come. It’s just a matter of when. Of course, it may have to renegotiate its dividend payment obligation to the Treasury. Meanwhile, insiders at Fannie have been unloading their shares in the GSE during the past six months. Since late 2010 company officers have sold 11,048 shares, according to trading records. The most recent seller is company executive vice president and chief financial officer David Hisey, according to a new filing with the Securities and Exchange Commission. In mid-May the CFO sold 7,206 shares at a whopping 39 cents each, grossing $2,800, enough money to buy a pretty darn good big screen TV.