Lone Star U.S. Acquisitions LLC, a private equity firm, will purchase Accredited Home Lenders Holding Co., San Diego, in an all-cash transaction valued at approximately $400 million.Dallas-based Lone Star will pay $15.10 per share for all of Accredited's common stock. The deal was made before the market opened on June 4. On June 1, Accredited's stock closed at $13.76 per share. As of late morning on June 4, it was up to $15.33 per share, a gain of $1.57 on the day, and $0.23 above the Lone Star offer. The sale is a culmination of the shifting that Accredited's management had to do in order to keep the company going. There have been layoffs, a change in accountants and threats of delisting from the Nasdaq composite index. This also included receiving a $230 million term loan from Farallon Capital Management LLC in April. The loan has a five-year term and may be repaid by Accredited at any time over the life of the loan, subject to certain conditions and prepayment fees. In connection with the financing, Farallon received warrants to acquire approximately 3.23 million shares of the company's stock at an exercise price of $10 per share.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
April 18 -
The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
April 18 -
The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18