Austin, TX 12/5/2007 11:13:50 PM
Speak with other shareholders about: (NYSE: FNM), (NYSE: HRB), (NYSE: DOW)
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Dec. 4, 2007 -- Mortgage finance giant Fannie Mae (NYSE: FNM) on Tuesday announced that it was cutting its dividend 30 percent and selling $7 billion in special stock to raise additional capital. The government-sponsored company said it was slicing its dividend to 35 cents a share, starting in the first quarter of next year, and issuing $7 billion in preferred stock this month to cushion against losses in lower-quality mortgages. The stock sale "will provide the company with additional capital to conservatively manage increased risk in the housing and credit markets, help meet its mission of providing affordability, liquidity and stability, and free up capital to pursue emerging growth opportunities," Fannie Mae said in a statement.
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Dec. 4, 2007 -- H&R Block Inc. (NYSE: HRB) said Tuesday that a deal to sell its troubled mortgage lending arm fell through, forcing it to scrap most of the $1 billion business. The Kansas City-based tax preparer and Cerberus Capital Management LP said that they terminated their agreement, announced in April, for a Cerberus subsidiary to buy Option One Mortgage Corp. H&R Block is accepting no new mortgage applications and will lay off about 620 employees, close three offices and take a $75 million restructuring charge as it shuts down operations, the company said.
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Dec. 4, 2007 -- Dow Chemical Co. (NYSE: DOW) announced Tuesday that it is cutting 1,000 jobs, or about 2.3 percent of its work force, as part of a plan to rid itself of underperforming businesses and boost its global efficiency. The Midland-based company, one of the nation's biggest chemical makers, said it will exit the automotive sealers business within the next nine to 18 months in North America, Asia and Latin America. It will look at options in its European operations. Other cutbacks include idling a styrene plant in Camacari, Brazil, on Jan. 1 and closing a cellulose manufacturing facility in Aratu, Brazil, in the first quarter of next year. Wholly owned subsidiary Union Carbide Corp. will shut down its polypropylene facility in St. Charles Parish, La., before the end of the year, and the company will significantly reduce research and development and other functions at a facility in South Charleston, W.Va.
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