Government-backed home mortgage lenders Fannie Mae (FNMA) and Freddie Mac (FMCC) were both rising Wednesday afternoon, reversing months of declines, after Treasury Secretary Steve Mnuchin stated that President Trump's administration would be reforming the two agencies in the second half of 2017.
Fannie Mae shares were up 2.82% to $2.92 per share, while Freddie Mac shares were up about 3% to $2.77.
The two stocks have struggled in recent quarters with Fannie Mae falling 25% year to date and Freddie Mac dropping 26% year to date.
Editor's note: story has been updated since 10:37 am EST.
(What will move markets this quarter and how should investors position themselves ahead of time? Jim Cramer sat down with four of TheStreet's top columnists recently to get their views.Click here to listen to his latest Trading Strategies roundtable with them and read their advice for stocks, bonds, forex and gold.)