Why Fannie Mae (FNMA), Freddie Mac (FMCC) Stock Are Higher Today

NEW YORK (TheStreet) -- Shares of Fannie Mae (FNMA) Freddie Mac (FMCC) are trading higher today, up 2.70% to $4.56 and 2.25% to $4.54, respectively.

Carl Icahn bought about $50 million worth of common stock in both from financier Bruce Berkowitz's funds in March, according to a court filing by Mr. Berkowitz, the Wall Street Journal reports.

Icahn bought 6.8 million shares of Fannie and 5.7 million shares of Freddie from Berkowitz's Fairholme Capital Management LLC, the court document states.

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He paid $4.03 a share for the Fannie stake for a total of $27.5 million, and $4.04 a share for the Freddie shares for a total of $23.2 million, the document says.

Icahn's deals would give him about 0.6% of Fannie shares outstanding, and 0.9% of Freddie.  It wasn't clear if Mr. Icahn still owns the stock. He hasn't had to disclose the position and wasn't immediately available for comment Tuesday, the Journal noted. 

FNMA Chart

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FMCC Chart

FMCC data by YCharts

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