Freddie Mac has announced the pricing of two new classes of perpetual noncumulative preferred stock: $250 million of a fixed-rate dividend class and $750 million of a variable-rate dividend class.The 5 million shares of fixed-rate preferred stock (CUSIP: 313400699) are being offered to investors at $50 per share with a dividend rate of 6.42%, the government-sponsored enterprise said. The 15 million shares of variable-rate preferred stock (CUSIP: 313400715) are priced at $50 per share, with an initial dividend rate of 6.00%. Dividends will reset quarterly beginning on Oct. 1, 2006, at a rate equal to the three-month London interbank offered rate plus 0.50%. Freddie Mac said it will have the option to redeem all or part of both classes of shares on or after June 30, 2011, at $50 per share plus accrued dividends. The preferred stock is being offered via a syndicate of dealers headed by Bear, Stearns & Co. and UBS Securities LLC. Freddie Mac can be found online at http://www.freddiemac.com.
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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.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
5h ago -
The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
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The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
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While income decreased from the fourth quarter, it accelerated on an annual basis across NVR's building and lending units.
April 23 -
Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
April 23