Fannie Hoses Common Shareholders, Issues $7 billion in preferred
Hey, how'aboud we cut your dividend, then issue $7 billion in preferred stock?
Now some might say that Fannie is desperate for cash and doing whatever it takes to make ends meet on account of it screwed up mightily. But that "some" wouldn't be writing press releases. Nope, this is an "opportunity" to take advantage of the "relatively attractive terms" out there in the credit markets.
Sweeeeeeet. Now all we need is for the pandering knuckleheads in Congress to let these underperformers handle million-dollar loans, too.