2008-09-09housingwire.com

Wells Fargo & Co. said after market close on Monday that it will record other-than-temporary impairment and take a non-cash charge to earnings for its investments in perpetual preferred securities issued by Fannie Mae and Freddie Mac.

In a filing with the Securities and Exchange Commission, Wells Fargo said that its “perpetual preferred investments in Fannie Mae and Freddie Mac are included in securities available for sale at a cost of $336 million and $144 million, respectively.” The bank said its holdings in both GSEs are currently trading at 5 to 10 percent of par value.


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