Fannie Mae to sell $3 bln in bills on Wednesday

NEW YORK Nov 23 (Reuters) - Fannie Mae FNM.N, the largest U.S. home funding company, said on Monday it plans to sell $2.0 billion of three-month benchmark bills due Feb. 24, 2010, and $1.0 billion of six-month bills due May 26, 2010, on Wednesday in a Dutch auction.

In such uniform price auctions, successful bidders pay only the price of the lowest accepted bid rather than the actual price as in a conventional multiple-price auction.

Bids will be accepted from authorized dealers from 9:00 a.m. (1400 GMT) until 9:45 a.m.

Settlement is Nov. 25, 27 and 30. (Reporting by Caryn Trokie; Editing by James Dalgleish) ((caryn.trokie@thomsonreuters.com; Tel: +1 646-223-6318; Reuters Messaging: caryn.trokie.reuters.com@reuters.net))