Fannie and Freddie: The Market Says Suck It

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After an initial surge this morning, shares of mortgage giants Fannie Mae and Freddie Mac have more or less returned to where they closed Friday afternoon. Shares of both companies rose on Friday after a report that the Federal Reserve would open its credit window to them. That report turned out not to be true until, a couple of days later it was true.
The news today that Treasury Secretary Henry Paulson asked Congress for authority to buy shares both companies and lend to them, plus the (for real this time!) opening of the discount window, was meant to bolster investor confidence. Shares in both were up somewhere around 35 percent in pre-market trading. That now looks like it was some short-covering. Investors don't seem interested in getting long either company. Those early morning gains have largely been lost, with both companies up less than 3% right now.
Is this a vote of no confidence in the government-chartered companies? Or do investors still suspect that a government takeover could wipe out shareholders?

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