WASHINGTON, June 15, 2020 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) today announced that it has hired Morgan Stanley & Co. LLC as underwriting financial advisor to assist in developing and implementing a plan for recapitalizing the company and responsibly ending its conservatorship.
While developing the plan, Morgan Stanley will work closely with Fannie Mae, the Federal Housing Finance Agency (FHFA), and the U.S. Treasury to consider business and capital structures, market impacts and timing, and available capital raising alternatives, among other items.
"Today's announcement marks another important step toward a responsible exit from conservatorship, and we look forward to working with FHFA, Treasury, and Morgan Stanley to chart a strong course forward for Fannie Mae," said Hugh R. Frater, Chief Executive Officer, Fannie Mae. "As we continue to stand behind our partners and support homeowners and renters through today's challenges, we remain focused on ensuring our company is best prepared to serve the market's future needs."
Selecting an underwriting financial advisor is an important milestone in meeting Fannie Mae's 2020 FHFA scorecard objective to prepare a responsible transition plan for a potential exit from conservatorship. Fannie Mae selected Morgan Stanley for its demonstrable qualifications and expertise in managing such complex matters. The support of private capital will contribute to increasing the resiliency of the housing finance system.
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SOURCE Fannie Mae