Freddie Mac has announced the pricing of $500 million of fixed-rate noncumulative perpetual preferred stock.The 20 million shares of preferred stock (CUSIP: 313400657) are being offered at $25 per share with a dividend rate of 6.02%, the government-sponsored enterprise said. The GSE will have the option to redeem all or part of the shares on or after June 30, 2012, at $25 per share plus accrued dividends. The stock is being offered via a syndicate of six dealers. Freddie Mac can be found online at http://www.freddiemac.com.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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