- The commitments provided by Bank of America, JPMorgan Chase Bank, Barclays Bank, Deutsche Bank AG, New York Branch, The Royal Bank of Scotland, Credit Suisse, New York Branch and DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main were reduced from approximately $5.9B to approximately $3.8B. There were no changes to interest rates, maturity or other terms of the facility.
- Town Hall Funding I, Town Center Funding I and Bluemont Funding I, also agreed to reduce the commitments under its FFELP student loan ABCP conduit facilities by approximately $4.1B on or before September 30, 2008
- As a result of the reduced commitments, the banks will rebate to the Company fees previously paid to the Managing Agents of approximately $17.1M

Other headlines for [SLM]

• 11/24/2008 10:23pm
  WSJ is cautous on the student loan market- Total borrwing for school has more than doubled to $85B in the 2007-08 school year vs $41B 10 yrs ago. - The percentage of private loans which carry more...
  
• 11/23/2008 07:53pm
  (US) WSJ reports that the Fed has ammunition after firing rate-cut bullets- The low level of the federal-funds rate may make Fed officials more supportive of various types of fiscal stimulus. - more...
  
• 11/20/2008 11:01am
  Education Dept to offer to buy loans made by private lenders in 2007-2008 school year under a temporary program - WSJ- WSJ reports about $53.9B in loans were disbursed in 2007-2008 and an added $60B more...
  
• SLM 11/20/2008 10:05am
  SLM Corp Plans to open a new Credit Operations Center, will add 1,100 jobs to Delaware’s workforce- Expects to hire approximately 750 employees in Delaware for its new operations center by the end of 2010 more...
  
• SLM 11/20/2008 06:10am
  SLM Corp Files mixed securites shelf - filing- Terms of the issue to be determined in the future
  

Financials sector headlines

• CIT Today 08:02am
  CIT Group Inc Seeks to exchange $1.7B of old notes for $550M in cash and $1.15B in new notes - CO is now offering to exchange up to $1. 7Baggregate principal amount of certain of its outstanding notes in exchange more...
  
• TRAD Today 07:41am
  TradeStation Group Inc Reports Nov DARTs 122.7K v 103.1K y/y (+19% y/y)- Total client assets $1.55B v $1.78B y/y -13% y/y - Avg equities Client margin balances -64% y/y
  
• OZM Today 07:36am
  Och-Ziff Capital Management Reports estimated unaudited AUM of "about" $27.7B as of Dec 1 (-19% m/m) - filing- OZM notes this AUM figure reflects a net decrease of about $700M m/m - OZ Master Fund, Ltd. Nov -2.19%, YTD more...
  
• Today 07:07am
  (GE) German Finance Ministry: Comments in Brussels that state aid for Commerzbank not yet concluded
  
• TRH Today 07:04am
  Transatlantic Holdings Inc Files mixed securities shelf - filing