Mission West Properties, Cupertino, Calif., has reported that previously announced negotiations with an unnamed potential buyer are unlikely to bear fruit because of debt market disruptions, but that three other potential buyers with internal sources of financing are conducting due diligence.The real estate investment trust reported in July that it was negotiating a deal with a "leading real estate private equity fund" to acquire its common shares at $13.55 per share in cash. Those negotiations are continuing, but "closure is unlikely" due to the withdrawal of their primary and secondary lenders from the market, the industrial REIT said. "The potential buyer had completed substantially all of their due diligence and had agreed to the terms of the definitive merger agreement when they were notified by their lender, one of the top five U.S. banks, that they were withdrawing from the market and would not issue their previously agreed-upon financial commitment to the buyer," the REIT said. Mission West can be found online at http://www.missionwest.com.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
10h ago -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
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Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
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Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25