CIT, FNM, MPG - Todays Top NYSE Financial Stocks

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Dallas, TX 10/15/2009 07:03 PM GMT (TransWorldNews)

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CIT Group Inc. (NYSE:CIT) surges 11.32% or $0.12 to $1.18 on a massive volume of 48.38 million shares after Reuters reported yesterday that CIT Group Inc. is getting closer to finalizing the terms of a new loan that would give the commercial lender, trying to avoid bankruptcy, $3 billion to $6.5 billion. The terms of the loan, being arranged by Bank of America, could be finalized as soon as this week. The loan would work as a secured facility in case of a successful debt exchange offer by the lender, or as a debtor-in-possession loan if the Company has to file for bankruptcy. The Company would use most of the additional money, except about $500 million, to repay existing debt.

Fannie Mae (NYSE:FNM) is one of the gainers of midday trade and rallied 6.29% or $0.09 to $1.52 on over 42.66 million shares. Over the past five days the stock shoot up over 6% after FHA officials reassured lawmakers that the program’s mutual mortgage insurance fund is not in danger of needing federal assistance, but several industry experts, including a former official at Fannie Mae, said the fund has already suffered huge losses. Federal National Mortgage Association is a government-sponsored enterprise (GSE) chartered by the United States Congress to support liquidity and stability in the secondary mortgage market, where mortgage loans are purchased and sold.

Maguire Properties, Inc. (NYSE:MPG) is one of the most active gainers in mid day trade as it rallied over 16.87% to $3.13 on huge volume of 5.86 million shares on no news. The stock hit an intraday high and an intraday low of $3.19 and $2.59 respectively. So far the stock prices shoot up over 124% in last six months of trade. Maguire Properties, Inc. is a self-administered and self-managed real estate investment trust. The Company is the owner and operator of Class A office properties in the Los Angeles Central Business District and is primarily focused on owning and operating office properties in the high-barrier-to-entry Southern California market.

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