Genworth Financial Inc. has priced a $300 million seven-year senior note offering at an interest rate of 8.625% per year. Proceeds from the offering will be used by the Richmond, Va., life and mortgage insurer for "general corporate purposes." Deutsche Bank Securities Inc., Keefe, Bruyette & Woods Inc. and UBS Securities LLC are joint book-running managers for this offering, which is expected to close on Dec. 8, 2009.
Non-qualified mortgages account for 23.1% of the series 2026-7 pool, by balance, and 43.4% of the loans in the pool were made to investors for business purposes and are exempt from the Ability-to-Repay rules.
Besides promoting Sridhar Sharma to CEO from president, the company named Andrew Bon Salle, ex-Fannie exec, as its new chairman, both replacing Chris Marshall.
Several proposed updates, including lower risk-weight floors for certain securitizations and corporate loans, could make it more attractive for banks to finance or hold certain private credit-related assets, experts say.
Federal Reserve Gov. Michael Barr appears to be among the majority of monetary policymakers who foresee at least one more rate hike before the end of the year.
Attom expanded its artificial intelligence platform, eLend partnered with Ready4Remodel to increase renovation financing and Keller Williams teamed up with Rejig.ai.
Several lawsuits filed this year have painted the shared appreciation agreements as misleading, and suggest they should be treated as mortgage loans.
