Fannie Mae announces massive sale of stock

Fannie Mae announced Wednesday that it has agreed to sell an aggregate of $5 billion in two placements of preferred stock to qualified institutional buyers, representing the largest capital placement ever undertaken by the mortgage-financing giant.

The $2.5 billion series of 5.375 percent Non-Cumulative Convertible Series 2004-1 Preferred Stock has a stated value and liquidation preference of $100,000 per share and is convertible by holders into shares of Fannie Mae common s

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