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

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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.

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