$25-Billion Takeover of Sallie Mae Is Called Off

By MARTIN VAN DER WERF

A $25-billion takeover of Sallie Mae that was announced in April was called off on Wednesday, the victim of a new law that will cut federal subsidies to student-loan providers.

President Bush is planning to sign the law, the College Cost Reduction and Access Act of 2007 (HR 2669), today. Among other things, the...