General Growth Properties, Chicago, has signed an agreement to acquire The Rouse Co., Columbia, Md., in a deal valued at $12.6 billion.Shareholders of The Rouse Co. will receive $67.50 per share in cash. In addition, GGP will assume $5.4 million of The Rouse Co. debt. GGP was advised by Lehman Brothers, who rendered a fairness opinion to its board of directors. Other GGP advisors were Credit Suisse First Boston and Wachovia Bank and its legal advisors were Sullivan & Cromwell LLP and Neal, Gerber and Eisenberg LLP. Goldman Sachs and Deutche Bank advised Rouse and Fried, Frank, Harris, Shriver & Jacobson LLP and Piper Rudnick LLP were its legal advisors.
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The new Financial Stability Oversight Council report also recommends an expanded Ginnie Mae PTAP facility and an industry-funded liquidity resource.
3h ago -
The publicly traded title holding companies all had stronger earnings as the mortgage market improved from one year prior.
4h ago -
One in every 37 residential properties nationwide had a loan-to-value ratio of 125% or greater to begin the year, according to a new report.
4h ago -
There's temporary leeway on formal compliance with replacement-cost value requirements in order to sort out insurer concerns with a recent re-emphasis on them.
5h ago -
Max Levchin, CEO of the buy now/pay later lender, said recent tests show young adults prefer interacting with intelligent chatbots over phone-based agents, but the company doesn't foresee major cost savings from generative AI for a few more years.
7h ago -
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May 10