AvalonBay Communities Inc., Alexandria, Va., has priced a public offering of 4.0 million shares of common stock that was timed to coincide with AvalonBay's inclusion in the S&P 500.The real estate investment trust said the net proceeds of approximately $594 million will be used for general corporate purposes. The underwriters have been granted an option to buy up to an additional 600,000 shares to cover any overallotments. The multifamily REIT can be found online at http://www.avalonbay.com.
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Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
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Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
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While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24