Fannie Mae 2006 Annual Report Download - page 326

22. Subsequent Events
Increase in Common Stock Dividend
On May 1, 2007, the Board of Directors increased the common stock dividend to $0.50 per share. The Board
determined that this increased dividend would be effective beginning in the second quarter of 2007, and
therefore declared a special common stock dividend of $0.10 per share, to stockholders of record on May 18,
2007. This special dividend of $0.10 per share, combined with our previously declared dividend of $0.40 per
share was paid on May 25, 2007, and resulted in a total common stock dividend of $0.50 per share for the
second quarter of 2007.
Redemption of Preferred Stock
On February 28, 2007 and April 2, 2007, we redeemed all of the shares of our Variable Rate Non-Cumulative
Preferred Stock, Series J, with an aggregate stated value of $700 million, and our Variable Rate Non-
Cumulative Preferred Stock Series K, with an aggregate stated value of $400 million, respectively.
Sale of LIHTC Partnerships
On March 16, 2007, we sold for cash a portfolio of investments in LIHTC partnerships reflecting
approximately $676 million in future LIHTC tax credits and the release of future capital obligations relating to
the investments. The portfolio for which these credits were applicable consisted of investments in 12 funds.
On July 16, 2007, we sold an additional portfolio of LIHTC partnerships reflecting approximately $254 million
in future LIHTC tax credits and the release of future capital obligations relating to the investments.
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FANNIE MAE
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)