JPMorgan warns of write-down on Fannie, Freddie shares

08/26/2008 | Financial Times (free content)

JPMorgan Chase announced that it plans to write down the value of its preferred shares in Fannie Mae and Freddie Mac by half, a possible $600 million loss. The development highlights how the mortgage giants' woes are spreading across the industry. The move is also expected to put pressure on other banks and insurers, which own most of Fannie and Freddie's preferred stock, to take comparable write-downs.

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