MEDIA RELEASE PR40040
Fannie Mae Notifies NYSE and Chicago Stock Exchange of Intention to Delist
WASHINGTON, June 16 /PRNewswire-AsiaNet/ --
Fannie Mae (NYSE: FNM) today reported in a filing with the U.S. Securities and Exchange
Commission (SEC) that the company had notified the New York Stock Exchange (NYSE) and the
Chicago Stock Exchange (CSE) of its intent to delist its common and preferred stock. This notice was
made in response to notification by the NYSE on June 15, 2010 that the company no longer met NYSE
continued listing standards relating to the minimum price of Fannie Mae's common stock and to the
issuance of a directive dated June 16, 2010 by the Federal Housing Finance Agency (FHFA), Fannie
Mae's conservator, for Fannie Mae to delist its common and preferred stock from the NYSE and any
other U.S. stock exchange where its common and preferred stock are listed.
According to a press release by FHFA, the Acting Director of FHFA
directed both Fannie Mae and Freddie Mac to take such actions.
In accordance with SEC rules and regulations, Fannie Mae intends to file
a Form 25 (Notification of Removal from Listing under Section 12(b) of the
Securities Exchange Act of 1934) on or about June 28, 2010. Fannie Mae
anticipates that the delisting of its common and preferred stock from the
NYSE and CSE will be effective 10 days after Fannie Mae files the Form 25
with the SEC.
After the delisting of its stock, Fannie Mae expects that its common
stock and all series of preferred stock that were previously listed on the
NYSE will be traded in the over-the-counter market and quoted on the OTC
Bulletin Board (OTCBB), a centralized electronic quotation service for
over-the-counter securities, under a ticker symbol that has yet to be
assigned. Fannie Mae expects that its common stock and preferred stock will
continue to trade on the OTCBB so long as market makers demonstrate an
interest in trading in the common and preferred stock.
Fannie Mae does not expect that the transfer of the trading of its common
and preferred stock to the OTCBB will affect, in any way, Fannie Mae's
ability to fulfill its mission to provide liquidity and stability to the
mortgage market, or its focus on home-retention, foreclosure-prevention, and
refinance efforts under the Making Home Affordable Program. The transition to
the OTCBB also will not affect the company's obligation to file periodic and
certain other reports with the SEC under applicable federal securities laws.
Certain statements in this news release may be considered forward-looking
statements within the meaning of the federal securities laws, including those
relating to our intention to take steps to cause the company to be delisted
from the NYSE by filing a Form 25; the expectation that our common stock and
series of preferred stock will continue to be traded in the over-the-counter
market and quoted on the OTCBB; and the expectation that the transfer of
trading from the NYSE to the OTCBB will not in any way affect our ability to
fulfill our mission. Although Fannie Mae believes that the expectations set
forth in these statements are based upon reasonable assumptions, future
conditions and events may differ materially from what is indicated in any
forward-looking statements. Factors that could cause actual conditions or
events to differ materially from those described in these forward-looking
statements include, but are not limited to legislative or other governmental
actions relating to our business or the financial markets; our ability to
manage our business to a positive net worth; adverse effects from activities
we undertake to support the mortgage market and help borrowers; the
investment by Treasury and its effect on our business; changes in the
structure and regulation of the financial services industry, including
government efforts to improve economic conditions; the conservatorship and
its effect on our business (including our business strategies and practices);
the depth and duration of weakness in the housing market and economic
conditions, including the extent of home price declines and unemployment
rates; the level and volatility of interest rates and credit spreads; the
accuracy of subjective estimates used in critical accounting policies; and
other factors described in Fannie Mae's quarterly report on Form 10-Q for the
quarter ended March 31, 2010, and Fannie Mae's annual report on Form 10-K for
the year ended December 31, 2009, including the "Risk Factors" and
"Forward-Looking Statements" sections of these reports.
Fannie Mae exists 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
enhance the liquidity of the mortgage market by providing funds to mortgage
bankers and other lenders so that they may lend to home buyers. Our job is to
help those who house America.
SOURCE Fannie Mae
CONTACT: Brian Faith of Fannie Mae, +1-202-752-6720
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