Under an amended agreement, Fidelity National Financial Inc., Jacksonville, Fla., will pay $282 million to bankrupt LandAmerica Financial Group Inc., Richmond, Va., to acquire its two principal title insurance underwriters, Commonwealth Land Title Insurance Co and Lawyers Title Insurance Corp. In addition, FNF will now purchase United Capital Title Insurance Co. A pair of FNF subsidiaries will pay $135 million in cash, plus the parent company will give LandAmerica a total of approximately $147 million consisting of $47 million in cash, a $50 million subordinated note due in 2013, with interest at the five-year treasury rate at closing plus 1% and approximately $50 million in FNF common stock valued at no less than $14 per share. The agreement also calls for Fidelity National Title's cash purchase of United for statutory book value, approximately $16 million as of Sept. 30, 2008 at closing. The agreement is subject to certain closing conditions and regulatory approvals, including the entry of final approved orders by the Chapter 11 court. FNF can cancel this deal if the closing of Commonwealth and Lawyers does not take place on or before Dec. 22, 2008. The United purchase is expected to close in the first quarter of 2009.
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The Long Island-based regional bank, which reported another quarterly loss Friday, continues to hire in the commercial-and-industrial lending sphere as it seeks to diversify its commercial real estate-heavy business.
2h ago -
The lender's parent also said it is actively in preparation to move forward on plans to unlock equity value in 2025, with a Newrez spinoff among its options.
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Doug Duncan may be retired from Fannie Mae, but not from the housing market—his new firm is ramping up with writing, speaking, and advisory work.
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The way mortgage firms address distressed military borrowers will become less regimented as the Veterans Affairs Servicing Purchase program gets phased out.
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The trend is not the norm but there are growing opportunities to buy for less in some areas many people gravitate to, real-estate brokerage Redfin found.
April 24 -
While the 30-year rate landed near its level of a week ago, it ended up there only after political developments led to up-and-down swings in Treasurys.
April 24