Securities and Exchange Commission

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Wells Fargo to Take Hit on $480 Million of GSE Preferreds 

Sep 08, 2008By

Wells Fargo & Co. [stock WFC][/stock] 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 [stock FNM][/stock] and Freddie Mac [stock FRE][/stock]. HW reported earlier on Monday that the bank was among major preferred equity shareholders at both GSEs.

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