Fannie, Freddie Have ‘No Underlying Value': Paul Miller, FBR Capital Markets

10/16/2009 05:12 am ET | Updated May 25, 2011
  • Dawn Kopecki

Aug. 31 (Bloomberg) -- Fannie Mae and Freddie Mac fell in New York trading after FBR Capital Market's Paul Miller said the mortgage-finance companies have no "underlying value" to justify a more than tripling in their share prices this month.

"There is no fundamental value remaining in Fannie and Freddie, particularly since the government owns 80 percent of each company," Miller, a banking analyst based in Arlington, Virginia, said in a note to investors today.