Here's Why Fannie Mae and Freddie Mac Are Soaring on Thursday

The stock market is having a very calm day on Thursday, with major averages slightly lower as of 2 p.m. EDT. On the other hand, mortgage giants Fannie Mae (OTC: FNMA) and Freddie Mac (OTC: FMCC) are spiking higher, up by 17% and 19%, respectively. 

This move might seem counterintuitive at first. After all, earlier in the day, a report indicated that mortgage delinquencies rose by 1.6 million in April, the largest jump in history. But that's not what is on investors' minds. 

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Source Fool.com