WCI Communities, one of only 14 publicly owned homebuilding companies, is exploring the possibility of selling itself.The Bonita Springs, Fla.-based builder of expensive homes and condominiums in Florida and the Washington and New York metropolitan areas, has retained Goldman, Sachs & Co. to either find a suitor or recommend changes to its capital structure, including the repurchase of stock. Activist investor Carl Icahn purchased stock in the company in November and then boosted his share to 14.6%, causing WCI to adopt a shareholder rights plan, otherwise known as a "poison pill." The Bill & Melinda Gates Foundation Trust, a charitable foundation founded by the chairman of Microsoft Corp., also has taken a stake in the company. WCI also said it is exploring the disposition of certain assets. In 2007, it expects to generate about $1 billion of free cash flow, which will help in reducing debt.
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According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
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Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
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McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
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The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
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The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18