Real estate stocks experienced an unpleasant downward ride in a generally downward-headed stock market in January 2005. Most of the companies represented in the new Inman News Real Estate Stocks Index posted lower valuations at month-end. Wall Street hammered mortgage giants Fannie Mae and Freddie Mac as investors digested the earlier news that Fannie Mae will restate some of its prior financial results as Freddie Mac already has done. Fannie Mae also announced the departure of yet another group of its senior executives, several of whom were shuffled from their jobs in the accounting department to outside advisor status. The company also halved its quarterly dividend and announced it would withhold its executives' 2004 bonuses. An MSN financial columnist added insult to the injury when he called Fannie a "train wreck moving in slow motion." At month-end, Fannie and Freddie had each lost $6 per share, a drop of more than 9 percent for Fannie and more than 10 percent for Freddie. Wall ...
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