Freddie Mac has priced Reference REMIC R-003, Class AG, a $2.5 billion issue of real estate mortgage investment conduit securities.The issue (CUSIP: 31396C3C2) was priced at 99.777343750 to yield 5.1872%, or 87 basis points over the interpolated Treasury curve, the government-sponsored enterprise said. Class AG is a "guaranteed maturity class" designed to reduce extension risk for investors, a special feature of Reference REMICs. The GMC has a class coupon of 5.125% and a final maturity date of Oct. 15, 2015. Credit Suisse First Boston, Deutsche Bank Securities Inc., and UBS Investment Bank were the joint lead managers of the transaction.
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While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
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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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