Shurgard Storage Centers Inc., Seattle, has announced the signing of confidentiality agreements with several parties in connection with its exploration of strategic options, including Public Storage Inc., which previously made an unsolicited bid for Shurgard.Shurgard, a real estate investment trust, said Public Storage has agreed not to take certain actions regarding an acquisition of Shurgard before April 27, 2006, without Shurgard's approval. The agreement does not limit Public Storage's ability to nominate directors of Shurgard. Citigroup Global Markets Inc. and Banc of America Securities LLC are acting as financial advisers to Shurgard, and Goldman, Sachs & Co. is acting as financial adviser to Public Storage, a REIT based in Glendale, Calif. The companies can be found online at http://www.shurgard.com and http://www.publicstorage.com.
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Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
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The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
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The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
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The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
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Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
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Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
April 16