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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The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
4m ago -
The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18 -
In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
April 18 -
The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
April 18 -
The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
April 18 -
But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
April 18