Saxon Capital Inc., Glen Allen, Va., has priced the initial public offering of Saxon REIT Inc., at $22.75 per share.The company is converting to a real estate investment trust structure. It is selling 17.0 million shares of the new common stock, raising $386.8 million in gross proceeds. Furthermore, the underwriters have been granted a 30-day option to buy up to 2.55 million additional shares at the IPO price. Friedman, Billings, Ramsey & Co. is the lead manager, with Credit Suisse First Boston LLC, J.P. Morgan Securities Inc., and Jefferies & Co. Inc. as co-managers. The company announced Sept. 13 that its shareholders had approved the conversion to REIT status. Each current common share of Saxon will be exchanged for one share of Saxon REIT plus $4 cash. As of late morning on Sept. 21, Saxon was trading at $27.40 per share.
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In an interview, Candor Technology's Sara Knochel recounts how she applies her childhood interest in languages and numbers to crucial home lending issues.
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Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
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The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
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The lender accused its former leader of compromising its Fannie Mae seller/servicer number to prevent it from delivering loans.
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Equity is entitled to a little over $70,000 worth of damages.
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Audited financials, proof of fidelity bonds and errors and omissions insurance must be provided on Ginnie Mae Central after May 13.
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