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UPDATE 1-Freddie Mac reduces Reference REMIC deal

Wed Feb 13, 2008 12:26pm EST

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NEW YORK, Feb 13 (Reuters) - Freddie Mac (FRE.N), the second largest U.S. home funding company, said on Wednesday it reduced the size of a planned Reference REMIC (Real Estate Mortgage Investment Conduits) issue to $400 million, its smallest ever.

Freddie Mac trimmed the issue due to current market conditions, it said in a statement. On Monday, it said it planned to sell $700 million in the REMICs,

It would be the first offering of Reference REMICs since October, when Freddie Mac sold $500 million of the securities. The new issue is expected to price on Thursday.

The REMICs have a final maturity of Feb. 15, 2013. Settlement is Feb. 20.

A Freddie Mac spokeswoman did not immediately return a call seeking comment.

Lead managers on the sale are Barclays Capital, JPMorgan Chase & Co. and Merrill Lynch & Co. (Reporting by Caryn Trokie; Editing by Andrea Ricci)

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