Friday's Financial Winners & Losers

And shares of Centerline (CHC Quote) plummeted 25% after the asset manager said it will take charges of between $45 million and $55 million resulting from securitizing its $2.8 billion affordable-housing-bond portfolio with Freddie Mac (FRE Quote). That should chop at least 14 cents per share off Centerline's cash available for distribution to between $1.70 and $1.75.

The firm also slashed its quarterly dividend by 64% to 15 cents a share, and set its 2008 adjusted-earnings guidance at between $1 and $1.10 a share. The sole analyst's estimate is calling for $1.90, according to Thomson Financial. Shares were falling $2.57 to $7.70.

After a morning stint in the green, the NYSE Financial Sector Index succumbed to the downward pressures and recently lost 28.33 points, or 0.3%, to 8,258. The KBW Bank was down 0.9% to 87.93, and the Amex Securities Broker-Dealer index gave up 0.6%.

On the flip side, Dutch bank ING (ING Quote) rose 1% to $39.29 after striking a deal to sell its NRG reinsurance unit to Berkshire-Hathaway for about $441.3 million (some 300 million euros), calling the move part of its strategy of focusing on its core businesses in insurance, banking, and asset management. After taxes, the sale will result in a capital loss of about $147.1 million. The deal should close in the first half of next year.