Government Properties Trust Inc., Omaha, Neb., has priced an initial public offering of 16.8 million shares of common stock at $10 per share.The net proceeds of the offering, totaling approximately $158.9 million, will be used to repay debt and buy additional properties, the company said. Friedman, Billings, Ramsey & Co. was the book-running lead manager of the offering. The underwriters have been granted an option to buy up to 2.52 million additional shares to cover any overallotments. Government Properties, which said it will elect to be taxed as a real estate investment trust, invests in single-tenant properties under long-term lease to the U.S. government.
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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.
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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.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
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The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
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Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
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The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11