The settlement of shareholder litigation by Fieldstone Investment Corp., Columbia, Md., will ease the way for its acquisition by C-BASS.The former shareholders had filed suit over the price paid by Fieldstone to redeem their shares following the close of its Rule 144A equity offering in 2003. It will pay the former shareholders $10.6 million in total. The settlement removed a potential $0.20 reduction in the per-share price C-BASS could have demanded relating to this litigation. Thus C-BASS, which is currently majority-owned by MGIC and Radian (whose own merger will force them to reduce their equity stake in the company), will pay the agreed-to price of $5.53 per share for Fieldstone.
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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.
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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.
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Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
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Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
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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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