Fannie Mae Shares Tank; Common Shares Could Be Wiped Out

Fannie Mae / Federal National Mortgage Association (OTCBB:FNMA) and Freddie Mac / Federal Home Loan Mortgage Corp (OTCBB:FMCC) shares surged to five-year high last week, despite uncertainties surrounding the proposed bipartisan bill, reports Bloomberg.   Kathleen M. Howley & Jody Shenn of Bloomberg feel the new bipartisan bill currently under preparation might push the company into liquidation and make the shares of the state-owned mortgage giants worthless. U.S. senators are giving final touches to a proposal to liquidate the state-owned mortgage giants, Federal National Mortgage Association (OTCBB:FNMA) (Fannie Mae) and Federal Home Loan Mortgage Corp (OTCBB:FMCC) (Freddie Mac), and substitute them with a…