Away from earnings, Symetra Financial (SYA) debuted on the New York Stock Exchange Friday after its initial public offering of 27 million shares priced at the low end of its range of $12 to $14 a share. The insurer, which counts Warren Buffett's Berkshire Hathaway (BRK-A) as its largest investor, opened trading Friday at $12.70 and was lately up to $12.90 after touching an intraday high of $13.50.
Elsewhere, Fannie Mae (FNM) and Freddie Mac (FRE) tumbled after Rep. Barney Frank (D-Ma.) said during a House Financial Services Committee meeting on executive compensation that both companies cannot exist in their current form.
"This committee will be recommending abolishing Fannie Mae and Freddie Mac in their current form and coming up with a whole new system of housing finance, that's the approach rather than the piecemeal one," Frank said, according to a CNBC transcript.
On Friday, The Wall Street Journal reported on Republicans call to bring Fannie's and Freddie's obligations onto the government's books, noting that the losses may hit the U.S. The Congressional Budget Office is calling on the White House to bring Fannie and Freddie onto the federal budget, the Journal reported, which would effectively mean accounting for their operations in the federal budget as if they were federal agencies.Fannie shares were losing 6.5% to $1, and Freddie was down 9.2% to $1.19. -- Written by Robert Holmes in Boston. Follow Robert Holmes on Twitter and become a fan of TheStreet.com on Facebook.
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