Fannie Mae Selling 7 Billion In Stock

[beangel40]

WASHINGTON - Mortgage finance giant Fannie Mae on Tuesday announced it was cutting its dividend 30 percent and selling $7 billion in special stock to raise additional capital.

The government-sponsored company said it was slicing its dividend to 35 cents a share, starting in the first quarter of next year, and issuing $7 billion in preferred stock this month to cushion against losses in lower-quality mortgages


READ MORE http://www.msnbc.msn.com/id/22103123/

[bartongrl1]

I am wondering how much this is going to help. Hopefully it helps a lot where it is needed the most.