What do you all think? Is this just another day in subprime news or what…?
“WASHINGTON (MarketWatch) — In a move aimed at boosting its capital to manage risk in the housing and credit markets, big-mortgage buyer Fannie Mae said Tuesday it’s cutting its dividend and offering $7 billion in stock.
Fannie said it intends to cut its quarterly common stock dividend to 35 cents a share from 50 cents a share beginning the first quarter of 2008.
Fannie Mae also plans to issue $7 billion in non-convertible preferred stock in one or more offerings this month, the company said.”
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