Fannie Mae has priced $3 billion of 5.000%, 10-year Benchmark Notes due April 15, 2015.The issue (CUSIP 31359MA45) was priced at 100.00 to yield 5.000%, or 40 basis points more than the 4.000% U.S. Treasury notes due Feb. 15, 2015. Citigroup Global Markets Inc., Lehman Brothers Inc. and UBS Investment Bank are the joint lead managers for the Luxembourg-listed transaction. U.S. investors purchased 61% of the deal, Asian investors bought 31%, European investors purchased 5% and investors from other countries bought the remaining 3%. Fannie Mae can be found online at http://www.fanniemae.com.
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Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
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Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
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While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
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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.
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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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