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Subject: Fannie Mae sells $5 billion preferred stock Author: PENNYCASH [ Next Thread | Previous Thread | Next Message | Previous Message ] Date Posted: 04:47:51 12/30/04 Thu Fannie Mae sells $5 billion preferred stock Thursday, December 30, 2004 4:00:00 AM ET newratings.com NEW YORK, December 30 (newratings.com) – Fannie Mae (FNM.NYS) announced yesterday that it had sold preferred stock worth $5 billion to large investors through a private placement issue. The sale follows last week’s announcement by the troubled mortgage finance company’s regulator, the Office of Federal Housing Enterprise Oversight (OFHEO), that Fannie Mae had fallen below the minimum capital requirement as on September 30. Most popular stories: Continental Airlines to order 10 Boeing 7E7 jets 6:17am Comair, US Airways taking steps to restore normal service 12/29/04 Munich Re "buy," estimates reduced 12/29/04 Univision Communications "outperform," estimates reduced 12/29/04 ImmunoGen "buy" 12/29/04 more... According to Bloomberg, the company issued shares worth $2.5 billion that could be converted into common stock and another $2.5 billion worth of nonconvertible shares with floating rates. The sale was handled by Lehman Brothers. The highest ever issue by the US based mortgage company was aimed at improving Fannie Mae’s capital situation. The Securities & Exchange Commission had last week ordered Fannie Mae to restate its financial results that effectively wiped out $9 billion from the company’s capital. A spokeswomen for OFHEO, Corinne Russell, said yesterday that the proposed private placement was part of a capital enhancement plan formulated by the mortgage giant. Fannie Mae, a leading provider of cash to the home mortgage market, recently ousted its top two executives, including chief executive Franklin D Raines, as a result of the accounting problems. Fannie Mae’s share price appreciated $0.54 to $70.38 yesterday. http://www.newratings.com/new2/beta/article_600926.html [ Next Thread | Previous Thread | Next Message | Previous Message ]