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To: Lucretius who wrote (261741)	9/24/2003 11:27:06 PM
From: ldo79	Respond to of 436258

You'll love the spin on this one: Reuters UPDATE - FHLB-NY misses dividend due to portfolio losses Wednesday September 24, 7:45 pm ET biz.yahoo.com NEW YORK, Sept 24 (Reuters) - The Federal Home Loan Bank of New York said on Wednesday it will not pay a third-quarter dividend because of big losses in its investment portfolio, a move likely to give new ammunition to critics of entities like the home loan banks, Fannie Mae and Freddie Mac. <snips> It was believed to be the first time the bank had not paid a quarterly dividend. For now, few investors are concerned about the FHLB-New York's announcement. FHLB debt briefly weakened on Wednesday after the announcement but quickly shrugged off the news, one portfolio manager said. If anything, the FHLB-New York's refraining from paying a dividend leaves it with higher retained earnings and in better credit health in the near term, S&P's Ukeiley said.