Fannie Mae Plans to Raise $7 Billion

Reflecting further difficulties from the credit crisis, Fannie Mae announced it would raise $7 billion in an offering of non-convertible preferred stock.  It also will cut its quarterly dividend from 50 cents to 35 cents per share.  Last week, Freddie Mac raised $6 billion.  WPost, Fannie Mae to Issue $7 Billion In Stock to Help Steady Itself.