Freddie Mac has announced the pricing of 20 million shares of fixed-rate noncumulative perpetual preferred stock at $25 per share.The shares (CUSIP: 313400640) are being offered to investors with a dividend rate of 6.55%, the government-sponsored enterprise said. Freddie Mac said it will have the option to redeem all or part of the shares on or after Sept. 30, 2017, at $25 per share plus accrued dividends. Banc of America Securities LLC was the underwriter of the offering.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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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.
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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.
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