CharterMac, New York, has reported the completion of its first offering of 4.40% cumulative perpetual convertible Community Reinvestment Act preferred shares, series A-1, at $50 per share.The company said the net proceeds of approximately $104.6 million will be used chiefly to acquire federally tax-exempt revenue bonds secured by mortgage loans on multifamily housing properties, as well as for general business purposes. The shares were offered to 17 financial institutions through Meridian Investments Inc., the placement agent. CharterMac can be found on the Web at http://www.chartermac.com.
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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.
9h ago -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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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