Sallie Mae Sells Securities to Try to Pay Off Derivatives
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Sallie Mae said it sold $2 billion of common stock and $1 billion of convertible securities Thursday in a deal that would help pay off bad derivatives bets.
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Student lending company SLM Corp , or Sallie Mae, said on Wednesday the U.S. Securities and Exchange Commission is investigating the company's disclosures in December 2007, before and after executives and directors traded in its stock.
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A hedge fund managed by Bear Stearns Cos. Inc.  is scrambling to sell large amounts of mortgage-backed bonds in a potentially troubling sign for the broader mortgage-backed bond market, The Wall Street Journal reported in its online edition.
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If the S.E.C. continues to require shares be borrowed before they can be shorted, then an effort to make the stock loan market more transparent makes sense.
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Sallie Mae , the largest U.S. educational lending company, said it sold $1 billion of convertible securities and $2 billion of common stock, raising more money than it had expected to pay off bad derivatives bets.
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Hedge funds, faced with falling profits and fading opportunities, are pondering fresh ways to make money, with one new strategy involving trading a company's debt against its equity, analysts said.
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WASHINGTON -- Shares of Sallie Mae plunged Wednesday after the chief executive said the student lender would consider cutting its dividend next year to shore up its finances amid rising loan defaults and dwindling government subsidies.
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Securities regulators are probing  several brokerage firms dealing with collateralized mortgage  obligations, the Wall Street Journal reported on Friday.
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WASHINGTON - A lifeline banks are extending to owners of mortgage-backed securities that have plunged in value will avert a near-term crisis but not necessarily a painful reckoning long term.
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Sallie Mae , the largest U.S.  educational lending company, said it sold $1 billion of  convertible securities and $2 billion of common stock, raising  more money than it had expected to pay off bad derivatives  bets.
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A rundown of funds selling at a discount to the cover price.
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Dividends combined with share buybacks can be an effective strategy.
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Securities regulators are probing several brokerage firms dealing with collateralized mortgage obligations, the Wall Street Journal reported on Friday.
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Firm is in hot seat for selling subprime securities to a Massachusetts city.
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Fannie Mae, the largest U.S. home  financier whose top two executives left under fire with the  company significantly undercapitalized, said on Wednesday it  may privately sell up to $4 billion of preferred stock this  week.
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Bear Stearns said Friday that it would provide a loan of up to $3.2 billion to a hedge fund operated by its asset-management business, in an effort to placate lenders and investors.
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Fannie Mae FNM.N, the embattled U.S.  home financing company, on Wednesday said it agreed to sell $5  billion in preferred stock to institutional buyers as part of  an effort to comply with regulatory demands to increase  capital.