The mortgage agencies Fannie Mae and Freddie Mac have exhibited extraordinary finesse in managing through the largest refinance boom in history and then through an abrupt transition to a rapidly rising rate environment.

Yet despite prospective earnings-per-share growth of 10% to 11% for the Federal National Mortgage Association and 13% to 14% for the Federal Home Loan Mortgage Corp., valuation remains below the historic level of 65% of the market multiple.

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