Countrywide Financial Corp., Calabasas, Calif., has started an exchange offer of up to $675 million of its Convertible Securities (also known as the "Exchange Securities") due in 2031 for an equal amount of its Liquid Yield Option Notes.It will trade $1,000 of the Exchange Securities plus $2.50 in cash for each $1,000 of the LYONs. Among the features being touted by Countrywide is that the Exchange Securities can be converted into a mix of cash and Countrywide stock, while the LYONs can only be exchanged for stock. The offer is good for 20 days after the "Launch Date" of Aug. 20.
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The new Financial Stability Oversight Council report also recommends an expanded Ginnie Mae PTAP facility and an industry-funded liquidity resource.
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The publicly traded title holding companies all had stronger earnings as the mortgage market improved from one year prior.
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One in every 37 residential properties nationwide had a loan-to-value ratio of 125% or greater to begin the year, according to a new report.
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There's temporary leeway on formal compliance with replacement-cost value requirements in order to sort out insurer concerns with a recent re-emphasis on them.
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Max Levchin, CEO of the buy now/pay later lender, said recent tests show young adults prefer interacting with intelligent chatbots over phone-based agents, but the company doesn't foresee major cost savings from generative AI for a few more years.
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May 10