Fannie Mae (NYSE: FNM) announced the next scheduled quarterly dividend rate adjustment for its Variable Rate Non-Cumulative Series P Preferred Stock. The new dividend rate for Series P Preferred Stock will be 5.5800 percent per annum, and will be in effect from and including December 31, 2007, to but excluding March 31, 2008.
In accordance with the terms of the Series P Preferred Stock Certificate of Designation, the dividend will continue to accrue at a per annum rate equal to the greater of (i) 4.50 percent and (ii) the sum of the 3-Month LIBOR plus 0.75 percent.
Holders of record of Series P preferred shares will be entitled to quarterly dividends when and if declared by the Board of Directors of Fannie Mae. Forty million (40,000,000) shares of Series P Preferred Stock with a stated value of $25.00 per share were issued and are currently outstanding.
Fannie Mae is a shareholder-owned company with a public mission. We exist to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America's secondary mortgage market to ensure that mortgage bankers and other lenders have enough funds to lend to home buyers at low rates. Our job is to help those who house America. -- Fannie Mae
Comment and add to the story without registration, but keep the comments meaningful please. Links are not accepted.
