Bear Stearns & Co. Inc. and Lehman Brothers Inc. are the co-lead managers of the stock issue, while First Tennessee, Merrill Lynch & Co. Inc. and Ormes Capital Markets Inc. are co-managers. Proceeds from the issue will be used for general corporate purposes, including repurchasing Fannie Mae preferred stock.
Fannie Mae, which is traded on the NYSE, is the nation's largest source of financing for home mortgages. It is working to shrink the nation's "homeownership gaps" through a $2 trillion "American Dream Commitment" to increase homeownership rates and serve 18 million targeted American families by the end of the decade. Since 1968, Fannie Mae has provided $3 trillion of mortgage financing for 37 million families.
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