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Fannie, Freddie credit default swaps widen 10 bps

NEW YORK, July 7 (Reuters) - The cost of insuring the debt of Fannie Mae (FNM.N: Quote, Profile, Research, Stock Buzz) and Freddie Mac (FRE.N: Quote, Profile, Research, Stock Buzz) with credit default swaps rose on Monday as shares of the two U.S. home funding providers slid.

Credit default swaps on both companies rose by about 10 basis points to 85 basis points, or $85,000 a year to protect $10 million of debt for five years, according to data from Phoenix Partners Group.

Fannie Mae's shares fell by $3.08 or more than 16 percent to $15.70, while Freddie Mac's shares fell by $3.39 or over 23 percent to $11.11. (Reporting by Dena Aubin, Editing by Chizu Nomiyama) (dena.aubin@thomsonreuters.com; +1-646-223-6325; Reuters Messaging: dena.aubin.reuters.com@reuters.net))