Bove Sees Hope In Last Week’s Fannie Mae Settlement

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Shares of Fannie Mae / Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA) had a small rally Monday morning following Friday’s surprise settlement with pre-2008 shareholders who had accused the agency of fraud for misrepresenting its finances. Even though this settlement explicitly relates to pre-conservatorship shareholders, Rafferty Capital Markets VP of equity research Richard Bove sees a connection with other cases winding their way through the courts. “Fannie Mae’s conservator is implicitly arguing in a number of other lawsuits that the government took over a bankrupt company in 2008 and, therefore, would have no obligation to make payments to any groups…

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