France's Groupe Fonciere des Regions has purchased shares in three German property companies from Immeo, a subsidiary of a fund jointly managed by Morgan Stanley Real Estate and Corpus.The three companies own 5,300 housing units in the Dusseldorf area that have an estimated value of 275 million euros (about $322 million). The properties, which were originally built for the steel group Thyssen, "are compatible with Groupe Fonciere des Regions' experience and expertise in managing assets of industrial origin," the French company said. To carry out the transaction, Groupe Fonciere des Regions has created a German subsidiary that will have 80 million euros (approximately $94 million) in capital. Shares in the subsidiary may be offered to other investors in the long term, with Groupe Fonciere de Regions remaining the majority shareholder.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
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Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
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The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
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Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
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The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
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