Fannie Mae has priced 15 million shares of series Q noncumulative, perpetual fixed-rate preferred stock with a stated value of $25 per share at an annual dividend rate of 6.75%.The government-sponsored enterprise said it has agreed to sell to "qualified institutional buyers" (as defined in Rule 144A under the U.S. Securities Act of 1933) a total of $375 million of the series Q preferred stock (CUSIP: 313586778). Fannie said it will have the option to redeem all or part of the stock on or after Sept. 30, 2010. Goldman, Sachs & Co. and Merrill Lynch & Co. acted as the placement agents for the transaction. Fannie can be found online at http://www.fanniemae.com.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
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Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
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Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
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Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
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Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
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Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
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