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Shares of Fannie Mae and Freddie Mac plummeted 7.1% and 10.6%, respectively. Last week, Freddie Mac slashed its dividend by 30% and said it would raise $7 billion in preferred stock offerings in an effort to shore up its balance sheet amid subprime-mortgage-related losses. The news is troublesome because Fannie and Freddie are some of the largest purchasers of residential mortgage loans. The need for the government-sponsored entities to purchase mortgage loans is especially important these days, as the market for mortgage-backed securities remains for the most part frozen. Freddie Mac is also tweaking its guidelines for purchasing delinquent mortgages in an effort to shore up its balance sheet.
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