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I do like this though, a whole bunch...
Paulson: Fannie Mae conservatorship is temporary
01/07 12:04 PM
I think Paulson's problem is he says whatever thought comes into his head at the time. I always come away with mixed feelings when he speaks...
Paulson: Fannie, Freddie Should Be Replaced With Private Sector Entities
01/07 12:08 PM
12:08 PM Eastern Standard Time, 01/07/2009 (MidnightTrader) --
http://www.midnighttrader.com
Paulson: Government Guarantee Is Problematic
01/07 12:07 PM
12:07 PM Eastern Standard Time, 01/07/2009 (MidnightTrader) --
http://www.midnighttrader.com
Paulson: Use GSE's To Reduce Mortgage Rates With Large Purchases At 4%
01/07 12:03 PM
(MidnightTrader) --
http://www.midnighttrader.com
Paulson: Fannie Mae conservatorship is temporary 01/07 12:04 PM
He also said Nationalizing would be "less than optimal"
Paulson: Next Administration Could Explicitly Back GSE Debt
01/07 12:00 PM
(MORE TO FOLLOW) Dow Jones Newswires
01-07-091200ET
Copyright (c) 2009 Dow Jones & Company, Inc.
We are "the mortgage giant", according to Marketwatch. This is like rooting for the Yankees.(coming from a non-Yankee's perspective)
Alot of us have already called our bottoms...
All that being said it is a crappy day. Maybe the afternoon will give us some sugar...
Glad to see you long lonno. Hope the rest of your stocks are doing well. GLTY!
If you had to state ONE reason why conservatorship was necessary, it was because FNM/FRE could no longer sell debt at reasonable rates.(ie.-raise funds) This week is huge, maybe not for the immediate stock's price, but for its future for sure. This is one for folks with long memories.
I would just like to point out that is your obviously ignorant opinion...
Posted by: Phisherman Date: Wednesday, December 31, 2008 2:34:49 PM
In reply to: None Post # of 4059
Fannie, Freddie To Sell New Debt
Fannie Mae (FNM:$0.7178,$0.0278,4.03%) and Freddie Mac (FRE:$0.71,00$0.02,002.90%) are scheduled to sell new debt next week, and investors will be watching how well the mortgage giants parlay lower- risk premiums into strong demand from investors outside the U.S. government for their long-term debt securities. Freddie will sell notes carrying a maturity of two to 10 years on Monday, and Fannie will hold its benchmark note sale Wednesday. Two months ago, Fannie and Freddie, taken over by the government in September, were forced to cancel debt sales because investors demanded to be paid historically high premiums.
Fannie Mae to sell new 3-year notes on Thursday
01/07 10:18 AM
NEW YORK, Jan 7 (Reuters) - Fannie Mae (FNM:$0.8015,$-0.0485,-5.71%) <FNM.P> said on Wednesday it plans to sell a new three-year benchmark note issue on Thursday.
The notes will mature on Jan. 9, 2012 and are expected to yield about 93 basis points over U.S. Treasuries.
The size of the sale has not been determined.
Fannie Mae (FNM:$0.8015,$-0.0485,-5.71%) hired Deutsche Bank, Barclays and JPMorgan to manage the sale. (Reporting by Caryn Trokie; Editing by Tom Hals)
Mortgage-backed securities jump, signaling rates to drop
01/06 03:57 PM
SAN FRANCISCO (MarketWatch) -- Mortgage-backed securities rallied Tuesday, sending yields sharply lower, which indicates mortgage rates are likely to fall further. Yields on securities of pooled mortgages backed by Fannie Mae (FNM:$0.84,00$0.02,002.44%) fell 30 basis points Tuesday from Monday's close, following a 17 basis-point decline Monday, said Miller Tabak & Co. bond strategist Tony Crescenzi. These yields correlate strongly with Freddie Mac's (FRE:$0.86,00$0.04,004.88%) weekly survey of home loan rates. From an average 5.1% last week, the average mortgage rate "is probably moving toward 4.75% or lower," wrote Crescenzi in emailed comments. The tumble in MBS yields comes as the Federal Reserve has started buying up to $500 billion in MBS backed by Fannie Mae (FNM:$0.84,00$0.02,002.44%) , Freddie Mac (FRE:$0.86,00$0.04,004.88%) and Ginnie Mae.
I guess demand was high. It is either that or Treasuries. Tomorrow is our day. I am sure demand will be high...
They sold more than they planned...
Freddie Mac sells $6.5 bln notes in two-part sale 01/06 03:39 PM
NEW YORK, Jan 6 (Reuters) - Freddie Mac (FRE:$0.84,00$0.02,002.44%) <FRE.P> on Tuesday sold $6.5 billion in reference notes in a two-part sale, said a market source familiar with the offerings.
The $3.0 billion in two-year year references notes were priced to yield 77 basis points over U.S. Treasuries and the $3.5 billion in five-year reference notes were priced to yield 95 basis points over U.S. Treasuries.
The size of the five-year notes was increased from an originally announced $3.0 billion.
Freddie Mac (FRE:$0.84,00$0.02,002.44%) hired Goldman Sachs, Citigroup Global Markets and Barclays to manage the offering. (Reporting by Caryn Trokie; Editing by Dan Grebler)
Mortgage Bonds Continue To Gain Ground On Fed Purchases
01/06 02:31 PM
NEW YORK(Dow Jones)--Mortgage bonds guaranteed by Fannie Mae (FNM:$0.8426,$0.0226,2.76%) , Freddie Mac (FRE:$0.8407,$0.0207,2.52%) and Ginnie Mae gained further Tuesday, as the U.S. Federal Reserve continued to buy these securities in an effort to bring home mortgage rates down.
While the tally of the Fed's purchases won't be released until Thursday, market participants estimate the central bank will buy, on average, $3 billion to $4 billion a day to fulfill its pledge to snap up at least $500 billion over the next six months.
Average risk premiums on the outstanding mortgage bonds dropped nine basis points to 188 basis points from where they closed Monday, said Art Frank, mortgage rates strategist at Deutsche Bank (DB:$38.09,00$-0.83,00-2.13%) .
This adds to the already significant tightening seen since the Fed in November announced it would buy both mortgage bonds and agency debt. Before then, risk premiums averaged around 280 basis points. Still, analysts say they will have to fall further to bring 30-year fixed mortgages rates to 4.5% - a goal policy makers are thought to be targeting.
Lower risk premiums on such bonds often translate into lower mortgage rates for homeowners. In fact, the 30-year fixed-rate mortgage rate has dropped sharply since the Fed first announced the program in late November. Such drops in risk premiums can be offset by rising long-term rates on Treasurys, as seen Monday and Tuesday, if the move to higher yields gathers momentum.
Deutsche Bank's (DB:$38.09,00$-0.83,00-2.13%) Frank estimates, however, at minimum the Fed's purchases will help keep mortgage rates around 5% for borrowers with good credit. "The Fed is keeping mortgage rates lower than they would otherwise be," he said.
Mahesh Swaminathan, mortgage strategist at Credit Suisse (CS:$28.83,00$-0.66,00-2.24%) , said he reckons that mortgage rates will reach 4.75% for 30-year fixed-rate mortgages that qualify for Fannie, Freddie and Ginnie guarantees "sooner rather than later."
That's because the Fed came out swinging early in January rather than easing into the program with more scattered purchases, he said.
Market participants also point out the Fed has bought issues across the board, avoiding any dislocations in the market.
"The bottom line is that the market needed evidence that the Fed is here for real and they will stay the course and they've demonstrated that they will," Swaminathan said.
-By Anusha Shrivastava, Dow Jones Newswires; 201-938-2371; anusha.shrivastava@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http:// www.djnewsplus.com/nae/al?rnd=%2Bqik9XNnddWygkOruBi49A%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
01-06-091431ET
Copyright (c) 2009 Dow Jones & Company, Inc.
Who is Gary B?
Obama seeks swift passage of U.S. fiscal package
01/05 01:00 PM
By David Alexander and Jeremy Pelofsky
WASHINGTON, Jan 5 (Reuters) - U.S. President-elect Barack Obama went to the U.S. Capitol on Monday to press for swift passage of a huge spending and tax-cut package amid signs his centerpiece economic stimulus plan may face delays.
"The reason we're here today is because the people's business can't wait," Obama, who takes office on Jan. 20, told reporters at a start of a meeting with Speaker of the House of Representatives Nancy Pelosi, a California Democrat.
"We've got an extraordinary economic challenge ahead of us," Obama said. "We're expecting a sobering job report at the end of the week."
The current U.S. recession began in December 2007 and, according to a Reuters poll, economists are expecting Labor Department data on Friday to show payroll jobs dropping by 500,000, bringing job losses for 2008 to about 2.5 million.
Obama's first visit to the Capitol since the Nov. 4 election came on the eve of the opening of the new Congress where passage of a recession-fighting stimulus package, expected to cost about $775 billion over two years, will be the top initial objective.
Obama's fellow Democrats had hoped to have such a package ready for the new president to sign as soon as he takes office in two weeks.
But they now say it will take at least a month or so longer to put together an initiative that can draw bipartisan support to clear a possible Senate Republican roadblock.
Republicans -- who have voiced objections to government moves to bail out the financial industry and U.S. automakers -- are raising concerns the Obama stimulus plan may presage a new era of uncontrolled government spending.
But they are certain to face public pressure, in wake of the widespread repudiation of Republicans in the November elections, to find common ground with Obama and clear the way for passage of a stimulus package.
PLANS TALKS WITH REPUBLICANS
Obama planned meet later on Monday with Senate Democratic Leader Harry Reid and then hold talks with key lawmakers of both parties, including including Senate Republican Leader Mitch McConnell and House Republican Leader John Boehner.
The president-elect, who flew to Washington last night from his home in Chicago, was also to meet on Monday with his economic advisers.
An Obama aide said that later this week, possibly on Thursday, Obama is expected to give a speech to stress the urgency of the economic crisis and what is needed to respond to it.
Obama's appearance on Capitol Hill underscored his campaign promise to work with members of both parties to curb mounting partisan bickering and congressional gridlock.
U.S. President George W. Bush took office in 2001, declaring himself to be "a uniter, not a divider." Yet during his eight years in office, battles between Democrats and Republicans escalated.
Obama vows to work with members of both parties on a range of issues, including an economic stimulus package of about $775 billion. Critics charge the figure will likely swell and Republicans have raised concerns it could top $1 trillion.
Sixty percent of Obama's proposal would go to federal spending on such basics as roads, bridges, education and health care, with the remainder, about $310 billion, in tax cuts for the middle class and businesses, party aides said.
As Obama proposed during the campaign, workers would get a $500 payroll tax credit and businesses would receive tax incentives aimed at job creation.
The tax relief is designed to help draw support from fiscal conservatives on Capitol Hill, who prefer cutting taxes to increasing federal spending and the already record deficit.
Republicans had plenty of questions for Obama.
"We'll need to know more about the specifics," a Republican aide said before Obama's meeting with congressional leaders of both parties.
The aide said much of the concern is about if the initiative will be worth it. "Some will ask about the merits of saddling every taxpayer with nearly $10,000 in new debt, and giving them only $500 in return," the aide said.
(Writing by Thomas Ferraro; Additional reporting by Steve Holland; Editing by David Wiessler)
Maybe you are still dreaming?LOL!!!!!!!!!!!!!
Fed starts program to buy illiquid mortgage assets
New York Fed will buy $500 billion mortgage-backed securities
01/05 10:26 AM
WASHINGTON (MarketWatch) -- The Federal Reserve Bank of New York on Monday began buying illiquid mortgage-backed securities guaranteed by Fannie Mae (FNM:$0.819,0$0.089,012.19%) and Freddie Mac (FRE:$0.837,0$0.107,014.66%) and Ginnie Mae as part of an earlier announced $500 billion program.
The program was announced by the Fed on Nov. 25, as part of a program to create liquidity in the mortgage-backed securities market, help lower mortgage rates and end the housing crisis.
Lawmakers in Congress on Oct. 3 approved a $700 billion bank bailout legislation with the expectation that it would be used to buy illiquid mortgage-backed securities. The
New York Fed program was launched after the Treasury Department started using the separate $700 billion bank bailout fund to buy large minority stakes in financial institutions.
"The Federal Reserve Bank of New York today began purchasing fixed-rate mortgage-backed securities guaranteed by Fannie Mae (FNM:$0.819,0$0.089,012.19%) , Freddie Mac (FRE:$0.837,0$0.107,014.66%) , and Ginnie Mae," the Fed said in a statement.
The Fed said it would provide some details about the operation on January 8, with weekly updates after that. It also contracted "selected private investment managers" to help make the purchases.
The Fed may try to buy the mortgage securities either in direct one-on-one purchases or through auctions.
A number of different financial institutions hold illiquid mortgage-backed securities guaranteed by Fannie Mae (FNM:$0.819,0$0.089,012.19%) and Freddie Mac (FRE:$0.837,0$0.107,014.66%) and Ginnie Mae, including banks and hedge funds, and are eligible for the program.
The Fed said late last year that it planned to complete its purchases of mortgage securities by June 30, significantly faster than most regulatory observers had initially expected.
The mortgage purchase plan was announced as part of a larger Fed program announced Nov. 25 that would also use $20 billion of the bank bailout package to back a consumer-lending facility operated by the New York Federal to provide liquidity to consumer loans such as student loans and credit cards.
I think FRE debt sale might have went well today. Just a guess at this point.
New York Fed starts buying agency MBS
01/05 09:55 AM
NEW YORK, Jan 5 (Reuters) - The New York Federal Reserve started an effort to drive down mortgage costs on Monday by buying fixed-rate mortgage-backed securities guaranteed by Fannie Mae (FNM:$0.7645,$0.0345,4.73%) , Freddie Mac (FRE:$0.7698,$0.0398,5.45%) and Ginnie Mae, the bank said.
Mortgage rates dropped in anticipation of the purchases after the program was announced on November 25, and on Monday, risk premiums on mortgages tightened sharply on news purchases had begun.
Last week, the Federal Reserve set a goal of buying $500 billion in mortgage-backed securities by mid-2009 as part of a sustained effort to help the United States weather a financial crisis that has tipped the economy into recession.
More information about the operations will be available from Thursday, Jan. 8 and will be updated weekly, the New York Fed said.
Risk premiums "are screaming in tighter already, especially in lower coupons," which generally represent newer loans, said Kevin Cavin, a mortgage strategist at FTN Financial in Chicago.
Current coupon 30-year agency MBS yielded 190 basis points over a blend of five- and 10-year Treasuries early Monday, compared with 208 basis points on Friday and 200 basis points at year-end on Wednesday.
The Fed selected managers BlackRock Inc (BLK:$138.50,00$-0.62,00-0.45%) , Goldman Sachs Asset Management <GS.N>, PIMCO, and Wellington Management Co to implement the program, which only covers securities issued by government-sponsored mortgage enterprises Fannie Mae (FNM:$0.7645,$0.0345,4.73%) and Freddie Mac (FRE:$0.7698,$0.0398,5.45%) and government loan financer Ginnie Mae. (Reporting by Kristina Cooke and Lynn Adler; Editing by Andrea Ricci)
I dont have XM anymore, but that is a great station. HNY!
Happy New Years all!
Keep on Truckin'
447,700 shares, even nicer
Close at 76,LOL. Happy New Year everybody!
Fannie, Freddie To Sell New Debt
Fannie Mae (FNM:$0.7178,$0.0278,4.03%) and Freddie Mac (FRE:$0.71,00$0.02,002.90%) are scheduled to sell new debt next week, and investors will be watching how well the mortgage giants parlay lower- risk premiums into strong demand from investors outside the U.S. government for their long-term debt securities. Freddie will sell notes carrying a maturity of two to 10 years on Monday, and Fannie will hold its benchmark note sale Wednesday. Two months ago, Fannie and Freddie, taken over by the government in September, were forced to cancel debt sales because investors demanded to be paid historically high premiums.
US Tsy Tells Oversight Panel The Rescue Plan Is Working
12/31 01:00 PM
WASHINGTON (Dow Jones)--The U.S. Treasury Department this week told a Congressional panel overseeing the bailout program that its strategy to stabilize the markets is working.
In a 13-page document submitted to the Congressional Oversight Panel, Treasury said its efforts have managed to help prevent some financial institutions from collapsing, and it also asserted that it has made progress in helping to reduce foreclosures.
"The most important evidence that our strategy is working is that Treasury's actions, in combination with other actions, stemmed a series of financial institution failures," Treasury wrote. "The financial system is fundamentally more stable than it was when Congress passed the legislation."
The department's positive assessment of its actions to stem the financial crisis is part of a response to 10 questions the Congressional Oversight Panel submitted to Treasury earlier this month. That four-member panel, which is chaired by Harvard Law School Professor Elizabeth Warren, raised those questions as part of a larger report that criticized Treasury's handling of the $700 billion bailout plan.
That report echoed similar concerns previously expressed by the Government Accountability Office, saying that Treasury had doled out billions of dollars without a plan for tracking how the money is used or ensuring that banks comply with government-mandated restrictions.
In response to a question about where the money has gone, Treasury said it " will be challenging to view the impact of the Capital Purchase Program in isolation and at the institutional level."
The Treasury also responded to questions about how it chooses which banks can participate in the capital purchase program, saying that all of that information about the application process is available on its Web site.
"Treasury worked closely with the banking regulators to establish a standardized evaluation process," Treasury said.
The department conceded that since the capital purchase program was first implemented in October, the money still needs to work its way into the system.
"We are still at a low point of confidence - both due to the credit crisis and due to the economic downturn, during which lending and borrowing levels normally drop," Treasury said. "While confidence is low, banks will remain cautious about extending credit, and consumers and businesses will remain cautious about taking on new loans."
To help reduce foreclosures, the Treasury cited three accomplishments, including the actions taken to save Fannie Mae (FNM:$0.7204,$0.0304,4.41%) and Freddie Mac (FRE:$0.71,00$0.02,002.90%) , the establishment of the HOPE NOW Alliance, and the creation of the streamlined loan modification program that was announced in November.
In response to a question about how the department has helped the American family, Treasury said that "every aspect of the implementation of the financial rescue package" is helping system so it can "support the financing needs of the American people."
-By Sarah N. Lynch, Dow Jones Newswires; 202-862-6634; sarah.lynch@ dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http:// www.djnewsplus.com/nae/al?rnd=IGBZSw2Q%2BR8trUzTyu6jxQ%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
12-31-081300ET
Copyright (c) 2008 Dow Jones & Company, Inc.
It also increases the value of existing MBS's.
I think it means alot less mess from 2008 to deal with. JMO.
US mortgage bond issuance plunges in 2008
12/31 11:57 AM
NEW YORK, Dec 31 (Reuters) - U.S. mortgage-backed securities issuance plunged in 2008 as uncertainty reigned in the housing market and investors shied away from risky instruments, a survey showed on Wednesday.
Thomson Reuters said U.S. mortgage-backed securities issuance totaled $187.4 billion in 2008, down sharply from $941.1 billion a year ago.
Barclays Capital, the investment banking arm of UK lender Barclays (BCLYF:$2.1209,$0.0000,0.00%) <BARC.L>, was the top underwriter of U.S. mortgage-backed securities in 2008. Barclays Capital underwrote 61 issues of mortgage-backed bonds, totaling $34.1 billion, a 18.2 percent market share.
Bank of America Securities LLC <BAC.N> ranked second among U.S. MBS underwriters for 2008, with a 13.7 percent market share. The company underwrote 39 issues totaling $25.7 billion.
Credit Suisse Group (CS:$27.469999,$-0.050001,-0.18%) was third, with a 13.1 percent share. The firm underwrote 43 issues worth $24.4 billion.
At least in the short term, though eventually this trend will be broken.
Filling the gap. We need to break 73...
I think we have a run in us today. Hold onto your Fannie!
US Stocks Higher; Jobless Claims Fall On Year's Last Trading Day
12/31 10:20 AM
NEW YORK (Dow Jones)--U.S. stocks rose Wednesday in the final trading session of a tumultuous 2008, as market watchers hope for signs of an economic recovery in the new year.
Some relief came asU.S. jobless claims numbers fell by a sharper-than-expected 94,000 to a seasonally adjusted 492,000 in the week ended Dec. 27, the U.S. Labor Department said in its weekly report Wednesday. Economists surveyed by Dow Jones Newswires had expected claims to decline by 11,000.
"It's certainly good news for the market because the decline is below the 500, 000 mark," said Frank Lesh, futures analyst and broker at Futurepath Trading. " It's nice to have a little bit of relief at year end."
Still, many remain cautious looking to the new year. Despite promises of rescue packages and other stimulus plans from the incoming Barack Obama administration, "there is still too much optimism about what this economy can generate in the second half of 2009," said Joseph Battipaglia, head equity strategist for the private-client group at Stifel Nicolaus.
Public-sector jobs are being created in lieu of private-sector expansion and " while you may applaud the fact that we don't go down deeper quickly ... you're not getting anything that's generating growth either," Battipaglia said.
The Dow Jones Industrial Average recently gained 63 points, or 0.7%, to 8731. The Standard & Poor's 500 added 6, or 0.7%, to 897, while the technology-heavy Nasdaq Composite rose 17, or 1.1%, to 1567.
U.S. markets ended higher Tuesday, helped by a late rally from financial stocks and further government aid for GMAC. The Dow Jones Industrial Average closed up 184 points, but was still down around 35% for the year going into Wednesday's session.
The S&P 500 ended Tuesday up 21 points, but is down 40% year-to-date. The Nasdaq Composite rose 40 points; its decline for the year is around 42%.
Still ahead is the U.S. Department of Energy's oil inventories expected at 10: 35 a.m. EST. Crude oil futures recently shed 2.1% to $38.20.
Martin Slaney, head of derivatives at GFT Global Markets in London, said oil and gas stocks may pull back as Nymex crude oil futures lost ground Wednesday in Asia.
The dollar was steady against the yen and edged higher against the euro, which slipped 0.5% to $1.407.
Meanwhile, the volume of residential mortgage applications filed last week was essentially unchanged on a seasonally adjusted basis from the prior week, even as the interest rates charged on mortgages fell further, data compiled by the Mortgage Bankers Association showed Wednesday.
Applications were up 155% on an unadjusted basis for the week ended Dec. 26, compared with the same week last year, according to the Washington-based MBA's latest survey. Filings to refinance existing mortgages dipped 0.4% on a week-to- week basis, while applications for mortgages to purchase homes were up a seasonally adjusted 1.4%.
Late Tuesday the Federal Reserve said it will begin buying mortgage securities backed by Fannie Mae (FNM:$0.7267,$0.0367,5.32%) , Freddie Mac (FRE:$0.72,00$0.03,004.35%) and Ginnie Mae in early January. Fannie Mae (FNM:$0.7267,$0.0367,5.32%) shares rose 5% to 73 cents, while Freddie Mac (FRE:$0.72,00$0.03,004.35%) rose 6% to 72 cents.
Asian markets ended 2008 on a high note, with Australia's S&P/ASX 200 closing up 1.9%. In Europe, the French CAC 40 index rose 1.4%.
-By Kejal Vyas and Aja Carmichael, Dow Jones Newswires; 201-938-5460; kejal.vyas@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http:// www.djnewsplus.com/nae/al?rnd=IGBZSw2Q%2BR8trUzTyu6jxQ%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
12-31-081020ET
Copyright (c) 2008 Dow Jones & Company, Inc.
The competition is dead, dying, or on the outside looking in. No problems here or with FNM, IMO...
Fannie Mae sells $2 bln bills at lower rates
12/31 10:00 AM
NEW YORK, Dec 31 (Reuters) - Fannie Mae (FNM:$0.7299,$0.0399,5.78%) <FNM.P> said on Wednesday it sold $2 billion in bills at lower interest rates compared with sales of the same maturities and size a week ago.
Fannie Mae (FNM:$0.7299,$0.0399,5.78%) said it sold $1 billion of three-month benchmark bills due April 1, 2009 at a stop-out rate, or lowest accepted rate, of 0.129 percent and $1 billion of six-month bills due July 1, 2009 at a 0.385 percent stop-out rate.
The three-month bills were priced at 99.967 and have a money market yield of 0.129 percent, and the six-month bills were priced at 99.805 and have a money market yield of 0.386 percent, according to Fannie Mae (FNM:$0.7299,$0.0399,5.78%) .
On Dec. 24, Fannie sold $1 billion of three-month bills at a 0.290 percent stop-out rate and $1 billion of six-month bills at a 0.510 percent stop-out rate.
Settlement for the new bills is Dec. 31 and Jan. 2. (Reporting by Caryn Trokie; Editing by Tom Hals)