Fannie Mae, Freddie Mac shares surge

NEW YORK (Reuters) - Shares of Fannie Mae and Freddie Mac rose at the open on Wednesday, before the U.S. House was expected to pass a rescue plan for the two housing finance companies.

After initially rising more than 12 percent, both shares pared some of those gains in the first minutes of trading.

Shares of Fannie Mae were up 11.3 percent at $14.93. Freddie Mac shares rose 6.9 percent at $10.37.

(Reporting by Kristina Cooke; Editing by Tom Hals)