Fannie Mae has priced an offering of $500 million of noncumulative, perpetual, fixed-rate preferred stock.The 20 million shares of series R stock (CUSIP 313586760) have a stated value of $25 per share, with an annual dividend rate of 7.625%. Fannie Mae will have the option to redeem all or part of the series R preferred stock on or after Nov. 21, 2012. Lehman Brothers Inc. and Morgan Stanley are the lead underwriters of the issue, Fannie Mae said.
The National Association of Home Builders Remodeling Market Index for the second quarter posted a reading of 61, a one-point decline from the first quarter.
The new Mortgage Bankers Association research adds to debate over whether Fannie Mae and Freddie Mac should allow a less costly alternative to the tri-merge.
Wide regional variances appeared in housing-start activity in 2025, when the traditional leading builder markets all saw numbers decline by as much as 15%.
The bill, which passed with wide bipartisan support, will become law at midnight if President Donald Trump doesn't veto it.
Total application volume fell by over 13.000 units on a month-to-month basis, with declines in purchase and refinance activity, Keefe, Bruyette & Woods said.
The financial industry has largely welcomed moves like the removal of a previously proposed increase for a broad multiplier but questioned mortgage details.
