J.P. Morgan Chase & Co. has caught more than a cold from its involvement with Fannie Mae and Freddie Mac. The New York-based bank has come down with a case of the financial blues from the declining value of its preferred stock holdings in Fannie and Freddie, which could translate into a $600 million write-down. J.P. Morgan holds an estimated $1.2 billion worth of preferred stock in Fannie and Freddie, but the value has dipped because of investors' waning interest in the bond insurers.
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