GE has priced a secondary offering of stock in Genworth Financial, the spinoff that includes GE's mortgage insurance business.A total of 85,000 shares of Genworth class A common stock are being sold in the secondary offering at a price of $26.50 per share. The underwriters do not have an overallotment option. Concurrently, Genworth will repurchase directly from GE approximately 19.4 million shares of Genworth's class B common stock for $500 million. GE, as the selling stockholder, will receive net proceeds of approximately $2.6 billion and after the transactions will own approximately 52% of Genworth's common stock. GE chairman and chief executive Jeff Immelt termed the offering an "important next step in the reduction of our investment in insurance." GE said that, subject to market conditions, it expects to continue reducing its investment over the next two years as Genworth transitions to full independence.
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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.
6h ago -
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.
9h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11