wwwPosted Dec 4th 2007 6:14PM by Douglas McIntyre
Filed under: Federal Natl Mtge (FNM)
CNBC reports that Fannie Mae (NYSE: FNM) has cut its dividend from $.50 to $.35. Shares are off 4.4% to $33.66.
The company has 975 million shares outstanding.
The company also plans to raise $7 billion according to Bloomberg.
Fannie Mae's shares have been under pressure because of write-offs related to the sub-prime mortgage fiasco. Fortune recently wrote that the company could face another $5 billion in write-offs.
Douglas A. McIntyre is an editor at 247wallst.com.
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