Fannie Mae has priced $1.5 billion of 5.125% 10-year Subordinated Benchmark Notes at 99.180.The issue (CUSIP 31359MTP8), due Jan. 2, 2014, yields 5.231% at a spread of 92 basis points over the 4.250% Treasury due in August 2013. The settlement date is Nov. 6. The joint lead managers are Lehman Brothers Inc., Merrill Lynch & Co. Inc. and Morgan Stanley & Co. Subordinated Benchmark Notes differ from other types of subordinated debt in that they contain triggers for the deferral of interest payments, Fannie Mae said. Interest can be deferred for up to five years if Fannie Mae's core capital: falls below 125% of its critical capital requirement; or falls below its minimum capital requirement and, at the company's request, the secretary of the Treasury purchases the company's debt obligations.
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Elevated delinquency levels have not affected expected losses, however, due to home price appreciation, Fitch Ratings said.
2h ago -
Retail lenders, including Beeline, Tomo Mortgage and Rocket Mortgage, settled with the department over infractions like submitting a false certification to not having the proper liquidity to be in the program.
3h ago -
A pair of bills, one with bipartisan support, look to address the issues around heirs' property so these families can have clear title on their homes.
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The agreement, in which the real estate giant admits no wrongdoing, will cover around 70,000 agents.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25