Fannie Mae's board of directors has approved the redemption of all eight million outstanding shares of series K variable-rate noncumulative preferred stock.The government-sponsored enterprise said the shares, which have an aggregate stated value of $400 million, will be redeemed in accordance with the series K stock's certificate of designation of terms. The stock will be redeemed on April 2 at a redemption price of $50 per share plus a dividend, which will accrue at the swap rate (as defined in the certificate of designation) plus 1.33% for the period from March 31 to April 2, 2007, Fannie said. Robert Blakely, Fannie's chief financial officer, said redeeming the costly variable-rate stock in the current rising rate environment "will result in millions of dollars in annual after-tax savings." The GSE can be found online at http://www.fanniemae.com.
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Elevated delinquency levels have not affected expected losses, however, due to home price appreciation, Fitch Ratings said.
5h ago -
Retail lenders, including Beeline, Tomo Mortgage and Rocket Mortgage, settled with the department over infractions like submitting a false certification to not having the proper liquidity to be in the program.
5h ago -
A pair of bills, one with bipartisan support, look to address the issues around heirs' property so these families can have clear title on their homes.
6h ago -
The agreement, in which the real estate giant admits no wrongdoing, will cover around 70,000 agents.
8h ago -
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.
April 25 -
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.
April 25