NEW YORK ( TheStreet) -- Fannie Mae ( FNMA) preferred shares were the winners on Friday among stocks of major U.S. financial companies. For example, Fannie's preferred series E (FNMFM) shares, with a coupon of 5.10% and a par value of $50, rose 9% on Friday to close at $12.25, after a gain of 75% over the previous three trading sessions. Fannie Mae and its sister mortgage giant Freddie Mac ( FMCC) were taken under government conservatorship by the Federal Housing Finance Agency (FHFA) in September 2008. The shares of both companies have been extremely volatile since the Wall Street Journal called attention to a March 14 filing, in which Fannie said it would delay filing its annual 10-K report to the Securities and Exchange Commission, specifically to consider whether it could recapture some of its $61.5 billion valuation allowance for deferred tax assets (DTA), as of Sept. 30. The recapture of Fannie's DTA would provide a major boost to the company's effort to redeem $116.1 billion in preferred stock held by the U.S. Treasury, for bailout assistance since September 2008. This week's trading interest in Freddie Mac's preferred shares was more subdued, but in the same upward direction. For example, Freddie's preferred series Z (FMCKJ) shares, with a coupon of 5.375% and a par value of $25, were down 2.5% to close at $3.09 Friday, following a gain of 10% over the previous three days. The preferred series Z shares have risen 46% over the past month. Common shares of Fannie Mae ( FNMA) and Freddie Mac ( FMCC)had a wild ride this week. Fannie Mae's common shares WERE UP 2% to close at 79 cents Friday, following a combined gain of 80% for Tuesday and Wednesday, and a sharp pull-back of 28% on Thursday. Freddie's common shares were unchanged on Friday, closing at 78 cents, after a combined 71% gain for Tuesday and Wednesday, followed by a 28% drop on Thursday. Investors are obviously buying the theory that eventually significant value will be realized for the preferred shares of both government sponsored enterprises (GSEs), as the housing recovery and recovery of some previous credit losses fuels a great increase in earnings.