FNM

Fannie Mae (NYSE:FNM) and Freddie Mac (NYSE:FRE) appear to have extended their Home Affordable Refinance Program (HARP) because of upcoming option ARMs that will either reset or recast between 2010 and 2012.  The latest outlook is for $1 trillion to be reset/recast in the next few years.

Fannie Mae (NYSE:FNM) continues to burn through cash like a forest fire gone wild, to the tune of $16 billion per quarter.  Shares of Fannie are down a penny today and are trading at 98 cents per share.

It seems that all the government aid provided to Fannie Mae (NYSE:FNM) still is not quite enough.  The $60B provided to date is going to need another subsidy and the bailout is turning out to be quite expensive.  Fannie is going to need another $15B in federal assistance.

The number of borrowers falling behind on their mortgage payments dropped sharply at the end of last year, a sign the foreclosure crisis is beginning to ebb.  Good news for Bank of American (NYSE:BAC), Fannie Mae (NYSE:FNM), and Freddie Mac (NYSE:FRE).

Bad news for Bank of America (NYSE:BAC) and JPMorgan Chase (NYSE:JPM), they are going to feel the pain to the tune of billions of dollars thanks to the delinquent loans of Freddie Mac (NYSE:FRE) and Fannie Mae (NYSE:FNM).

Rough week for these once darling companies as Fannie Mae (NYSE:FNM), Borders Group, Inc. (NYSE:BGP), and PokerTek, Inc. (NASDAQ:PTEK) join the ranks as stocks under one dollar.

The Fed looks is set exit the housing market and follow through with its pledge to do so. The impact of this to Fannie Mae (NYSE:FNM) and Freddie Mac (NYSE:FRE) are not exactly certain. 

Fannie Mae (NYSE:FNM) shares are off to the races today, up 17% trading at $1.23 a share all thanks to the U.S. Treasury willing to cover any loss for the next three years.

Stocks making strong gains Monday on heavy volume include Fannie Mae (NYSE:FNM), Freddie Mac (NYSE:FRE), MGM MIRAGE (NYSE:MGM) and Las Vegas Sands Corp. (NYSE:LVS).