G&L Realty Corp., Beverly Hills, Calif., has announced the redemption of its preferred stock and the filing of articles of dissolution with the state of Maryland.The real estate investment trust said its business will continue after the dissolution under a new limited liability company called G&L Realty Properties LLC, which is owned by its common stockholders, Daniel M. Gottlieb and Steven D. Lebowitz. The REIT reported the redemption of its 10.25% series A preferred stock at $25.16532 per share and its 9.8% series B preferred stock at $25.15806 per share. In connection with the redemption, the company delisted from the New York Stock Exchange.
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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.
April 24 -
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.
April 24 -
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.
April 24