Capital Trust Inc., a New York-based real estate investment trust, has announced the sale of $50 million of trust preferred securities through its consolidated statutory trust subsidiary, CT Preferred Trust I.The REIT said the subsidiary's assets consist solely of $51.55 million of junior subordinated notes concurrently issued by Capital Trust. The trust securities have a 30-year term, are redeemable at par on or after April 30, 2011, and pay distributions at a fixed rate of 7.45% for the first 10 years and at a floating rate of 2.65% over the three-month London interbank offered rate thereafter.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
4h ago -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
8h ago -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
11h ago -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
April 24 -
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
April 24 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24