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Fannie, Freddie preferreds swoon after US bailout
September 8, 2008 / 2:25 PM / 9 years ago

Fannie, Freddie preferreds swoon after US bailout

NEW YORK, Sept 8 (Reuters) - Preferred shares of Fannie Mae FNM.N and Freddie Mac FRE.N lost more than 70 percent of their value on Monday after the government seized control of the two mortgage finance companies this weekend.

Two recently issued preferred shares from Fannie and Freddie, which were originally priced at $25, were now trading below $4 on the New York Stock Exchange.

Reporting by Chris Sanders and Richard Leong, Editing by Chizu Nomiyama

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