Fannie Mae has priced an offering of $1 billion of noncumulative, perpetual, variable-rate preferred stock.The 40 million shares of series P stock have a stated value of $25 per share, with a dividend rate that will reset quarterly. The rate will be set at 4.50%, or 75 basis points above the three-month London interbank offered rate, whichever is greater. Goldman, Sachs & Co. and Merrill Lynch & Co. served as placement agents for the transaction, Fannie Mae said. Fannie can be found online at http://www.fanniemae.com.

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