Fieldstone Investment Corp., a Maryland-based mortgage banker, has priced a $703 million public offering of 47.1 million shares of common stock at $15 per share.Friedman, Billings, Ramsey & Co., the Arlington, Va.-based exclusive placement agent for the offering, said the net proceeds to Fieldstone will be approximately $657.4 million. Fieldstone will use the proceeds to redeem the nonmanagement shares of common stock outstanding before the offering, build its portfolio of nonconforming residential mortgages, repay borrowings under its warehouse lines of credit and repurchase facilities, fund working capital, and for other corporate purposes, FBR said. FBR can be found on the Web at http://www.fbr.com.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
7h ago -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
11h ago -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
April 24 -
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
April 24 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24