NEW YORK, May 14 (Reuters) - Freddie Mac (FRE.N) said Friday it plans to sell $2.5 billion of reference bills on Monday.
The scheduled offerings are:
-- $500 million of one-month bills due June 14, 2010 to be sold Monday and settle Tuesday; and
-- $1.0 billion of three-month bills due Aug. 16, 2010 to be sold Monday and settle Tuesday; and
-- $1.0 billion of six-month bills due Nov. 15, 2010 to be sold Monday and settle Tuesday.
The bills will be sold over the Internet in a Dutch auction. In such uniform price auctions, successful bidders pay only the price of the lowest accepted bid rather than the actual price as in a conventional multiple-price auction.
Bids will be accepted from authorized dealers from 8:00 a.m. until 9:45 a.m. (Reporting by Caryn Trokie, Editing by Chizu Nomiyama)
What does mean to Joe Q. Public?
It Means foreclosure mess will be around a while, they need money to fund the others that are coming in...
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