Fannie Mae has priced an offering of $500 million of noncumulative, perpetual, fixed-rate preferred stock.The 20 million shares of series R stock (CUSIP 313586760) have a stated value of $25 per share, with an annual dividend rate of 7.625%. Fannie Mae will have the option to redeem all or part of the series R preferred stock on or after Nov. 21, 2012. Lehman Brothers Inc. and Morgan Stanley are the lead underwriters of the issue, Fannie Mae said.
Along with a 25% increase in production, Vishal Garg's scheme aims for monthly revenue growth of $7 million and a reduction of cash burn from $4 million to $0.
The big three's trade group has said they operate legally and protect the industry with a trio of reports. FHFA also is opening up VantageScore for all lenders.
eXp World Holdings, the parent company of eXp Realty, and Kind Lending ended their mortgage joint venture, Success Lending, it was reported Wednesday.
The U.S. economy added 162,000 jobs in August, bouncing back from a surprise decline in July. The Fed's next interest rate decision will still hinge on next week's inflation reading.
As UAD 3.6's Nov. 2 mandate shrinks an aging appraiser pool, AnnieMac and Lower lean on AUS waivers and in-house teams to dodge 2022-style fee spikes and turn-time delays.
Mega investors, the smallest segment of non-owner occupied single family homebuyers, were responsible for one-quarter of the unit drop in second quarter sales.
