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Freddie Mac Floats Stock, Cutting Dividends

As suspected, Freddie Mac is floating stock. Offering $6 billion in preferred stock, but the bigger story is they are cutting their dividend 50% to 25 cents....and the stock is down fractionally.

Today, bothCitiand Freddie Mac raised capital. As I noted earlier, expect other banks and financial guarantors to announce additional measures to raise capital.

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