Countrywide Financial Corp., Calabasas, Calif., has announced the sale of $4 billion of convertible bonds through a private placement and said it will use some of the proceeds to buy back up to 23 million shares of its common stock.On Thursday Countrywide's stock was the most actively traded on the New York Stock Exchange, rising 2% to $41.16, with 41 million shares changing hands by noon. (Its average daily volume is 11 million shares.) The bonds (debentures) were issued in two separate series, A and B, and are due in 30 years. The series A bonds have a conversion rate representing a 30% premium over Countrywide's close-of-day stock price on Wednesday ($40.33) while the B bonds carry a 45% premium. In unrelated news, Countrywide chairman Angelo Mozilo recently told analysts that he could not see the company being absorbed by a large bank, "as that could destroy the franchise value that had been created." The company can be found online at http://www.countrywide.com.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
6h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
11h ago -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11