Key Developments: Federal National Mortgage Association Fannie Mae (FNMA.OB)
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Latest Key Developments (Source: Significant Developments)
Federal National Mortgage Association To Sell $2.0 Billion In Bills-Reuters
Reuters reported that Federal National Mortgage Association plans to sell $2.0 billion of benchmark bills on Wednesday. The sale consists of $1.0 billion of three-month bills, due August 21, 2013, and $1.0 billion of six-month bills, due November 20, 2013. Settlement is May 22-23. Full Article
Federal National Mortgage Association Announces CFO Change-Form 8-K
Federal National Mortgage Association reported in its Form 8-K that on February 21, 2013, Fannie Mae (formally, the Federal National Mortgage Association) appointed David C. Benson, as Executive Vice President and Chief Financial Officer (CFO) of the Company, effective as of the first day following the filing of the Company’s annual report on Form 10-K for the year ended December 31, 2012. Mr. Benson will succeed Susan R. McFarland as Fannie Mae’s Chief Financial Officer (CFO). Full Article
Federal National Mortgage Association Announces Retirement Of CFO-Form 8-K
Federal National Mortgage Association reported in its Form 8-K that on February 4, 2013, Susan R. McFarland, Executive Vice President and Chief Financial Officer (CFO) of Fannie Mae (formally, the Federal National Mortgage Association), notified the Company that she will retire from the Company after a transition period that will begin on the effective date of the appointment of a new Chief Financial Officer by the Board of Directors and end no later than June 30, 2013. Full Article
Bank of America Corp Reaches $11.6 Billion Settlement With Federal National Mortgage Association (Fannie Mae)-Reuters
Reuters reported that Bank of America Corp has entered an $11.6 billion settlement to end Federal National Mortgage Association (Fannie Mae)'s claims that the bank improperly sold it mortgages that later soured, and to resolve problems with foreclosures, the companies said. The settlement is a step forward for Bank of America toward resolving claims from investors who want the bank to buy back loans that its Countrywide Financial subsidiary sold to them during the housing boom, many of which later went bad. The agreement largely covers the $11.2 billion of claims that government-owned finance company Fannie Mae had against the bank, which represented about 44% of the bank's total pending claims at the end of the third quarter. Full Article
The Securities Arbitration Law Firm of Klayman & Toskes Continues to Investigate Claims On Behalf Of Investors Who Sustained Losses in Fannie Mae Preferred Stock
The Securities Arbitration Law Firm of Klayman & Toskes announced that it is continuing to investigate the sale of Fannie Mae preferred stock by full-service brokerage firms to their customers. Several major brokerage firms sold various series of Fannie preferred stock as safe, stable fixed-income investments. Much of the preferred stock was sold to retirees, those contemplating retirement in the near future, or those who wanted to put their money in safe investments for protection from market volatility. Preferred stock can be attractive to retirees as they typically produce above-average yields. However, many of these clients were not advised of the risks associated with preferred stock. Because of the complex structure of preferred stock, they can often be difficult to understand. Additionally, several brokers and financial advisors purchased an unsuitable amount of Fannie preferred stock in their clients’ accounts, thereby creating an over-concentration in a single security. Further, because Fannie is a government-sponsored enterprise, some investors were told by their full-service brokers that if Fannie defaulted on the preferred stock, then the United States government would insure their losses and make them whole. This information, however, was inaccurate. The attorneys at the Law Firm of Klayman & Toskes are dedicated to aggressively pursuing Full Article
Fannie Mae Announces Management Change
Fannie Mae announced that its board of directors has appointed Timothy J. Mayopoulos, 53, as President and Chief Executive Officer (CEO) and a member of the board effective June 18, 2012. Mayopoulos will succeed Michael J. Williams, who announced in January his decision to step down. Full Article
Fannie Mae CEO To Leave After Successor Chosen-Reuters
Reuters reported that Fannie Mae Chief Executive Michael Williams said that he was stepping down from the government controlled mortgage firm. He will depart after a successor is appointed. Full Article
Fitch Revises Fannie Mae and Freddie Mac Outlook to Negative; Affirms Ratings at 'AAA'
Fitch Ratings announced that it has affirmed the long-term Issuer Default Ratings (IDRs) of Fannie Mae and Freddie Mac at 'AAA'. The Rating Outlooks has been revised to Negative from Stable. These rating actions follow Fitch's affirmation of the U.S. Government's 'AAA' IDR and the revision of the Rating Outlook to Negative earlier on November 28, 2011. Full Article
Fannie Mae Prices New Issue Five-Year Benchmark Notes Due September 28, 2016
Fannie Mae announced pricing of New Issue of Five year 1.250% as $99.818 for a total consideration of $4 billion. Notes Due September 28, 2016, Settlement Date of August 19, 2011. Payment Dates of September 28 and March 28, beginning September 28, 2011. Barclays Capital Inc., J.P. Morgan & Co., and UBS Securities LLC are the joint lead managers. The co-managers include, BNP Paribas, CastleOak Securities, L.P., FTN Financial Capital Markets, Goldman Sachs & Co., and Loop Capital Markets. Full Article
The Goldman Sachs Group, Inc. Says American International Group, Inc., The Allstate Corporation, Fannie Mae, Others Threatened Mortgage Lawsuits-DJ
Dow Jones reported that The Goldman Sachs Group, Inc. said in its quarterly regulatory filing that The Allstate Corporation., John Hancock and American International Group, Inc. are among the investors that have threatened to sue for claims related to mortgage-related offerings. Others include Fannie Mae, Freddie Mac, the National Credit Union Administration and the Federal Housing Finance Agency. In the filing, The Goldman Sachs Group, Inc. said Allstate, AIG and the other entities have threatened to assert claims against it, and it has entered agreements with some of them to continue to negotiate. Full Article
Fannie Mae, Freddie Mac 2013 bill sale calendar
May 24 - The following is a list of scheduled U.S. agency bill sales from Fannie Mae and Freddie Mac for 2013. Freddie Mac said 3-month and 6-month bills will be auctioned every week. In addition, 1-month and 12-month auctions are optional each week. Fannie Mae said 3-month, 6-month and 1-year may be auctioned on a weekly basis and it has the option to skip any bill auction. If it elects not to issue a scheduled offering, it will provide
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