Before the Bell-U.S. home builders jump after GSE takeover
NEW YORK, Sept 8 |
NEW YORK, Sept 8 (Reuters) - Shares of U.S. home builders jumped on Monday after the government took over mortgage finance giants Fannie Mae FNM.N and Freddie Mac FRE.N in a bid to stabilize the housing market and prevent further turmoil in global financial markets.
Toll Brothers' (TOL.N) stock was up 8 percent at $26.19 a share in pre-market trading on NYSE, while Hovnanian Enterprises Inc. (HOV.N) shares were up 14 percent at $7.51.
Shares of Lennar Corp. (LEN.N) were 11 percent higher at $15.09, while those of Pulte Homes (PHM.N) were up nearly 10 percent at $16.00. (Reporting by Richard Leong; Editing by James Dalgleish)
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