Morning Brief: Fannie May Be Dropped BY NYSE


Fannie Mae it is at risk of being dropped from the New York Stock Exchange.

The disclosure on Tuesday illustrates how far the giant has fallen. The company was once the largest public company in the Washington area and a bedrock of the U.S. financial industry. The announcement came after the mortgage finance company's share price fell below $1, a violation of exchange rules.

In the District, the Washington National Cathedral plans to slash its budget dramatically and lay off 30 percent of its staff to close a widening budget gap.

The moves come just six months after its last round of cuts. The century-old institution plans to shut down a historic building on its grounds, cut back on choir performances, shrink its lecture and class schedule, outsource its retail operation and rely on volunteers to take over other functions, the Rev. Samuel Lloyd III, dean of the Episcopal cathedral, told staff writer Jacqueline L. Salmon.

In Prince George's County, the County Council is hoping to get more work for minority contractors. The Council on Tuesday agreed to issue $35 million in bonds to pay for improvements at the National Harbor waterfront development in exchange for more work at the project for minorities.

Under the agreement, Milton V. Peterson, the developer of the $4 billion project, promises to give at least 15 percent of the work from new construction to minority contractors from the county.

In Prince William, lawmakers supported a plan on Tuesday to provide more affordable housing for county employees in an effort to stem the foreclosure crisis.

By Alejandro Lazo  |  November 19, 2008; 8:32 AM ET  | Category:  Economy Watch , Fannie Mae
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