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'Rock' Stock
December 1, 2001
Professional Builder
Money magazine is a pretty good gauge of the overall climate on Wall Street. So what, according to its December issue, is today’s best stock value? In an article titled "The Rock," it is none other than the housing industry’s financial partner, Fannie Mae.
The stock (symbol FNM) is a buy, Money says, because it is cheap relative to earnings growth of 15%. But the article also touts the housing sector’s overall strength, pointing out that CEO Franklin Raines sees no economic scenario "that keeps him awake at night."
"People will give up a lot of other things before they give up their homes," Raines says. "That is what makes this such a good business to be in."
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