JPMorgan's Fannie, Freddie preferred stock has lost $600 million

Mon Aug 25, 2008 1:43pm EDT

The JP Morgan and Chase headquarters is seen in New York January 30, 2008. REUTERS/Shannon Stapleton

The JP Morgan and Chase headquarters is seen in New York January 30, 2008.

Credit: Reuters/Shannon Stapleton

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(Reuters) - JPMorgan Chase & Co (JPM.N) in a U.S. Securities and Exchange Commission filing said it holds about $1.2 billion Fannie Mae FNM.N, Freddie Mac <FRE.N. perpetual preferred stock

* Estimates that the preferred stock has declined in value by approximately $600 million in the third quarter to date

* Says the Fannie, Freddie Mac preferred stock is held in investment portfolio, and marked to market through bank's earnings

* Says precise amount of losses on securities is difficult to determine, given significant volatility in market values

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