U.S. Treasury Secretary Jack Lew warned Congress in a letter Friday that his department will begin implementing ‘extraordinary...
The U.S. Department of Housing and Urban Development will close its offices nationwide on Friday, May 24th. The news comes as a...
Western Asset Management, the fixed-income arm of Baltimore-based asset manager Legg Mason, disclosed terms of its initial public offering.
Western Asset Management is a real estate investment trust looking to raise $160 million by issuing 8 million shares at $20 each.
The REIT, which will trade on the New York Stock Exchange under the symbol WMC, will use proceeds to invest in mortgage-backed securities from Fannie Mae, Freddie Mac and Ginnie Mae.
If successful, Western Asset Management will be worth $207 million, however some recent REIT IPOs fell below expectation.
Ares Commercial Real Estate ($16.98 0.27%) priced an IPO late last week, raising $7.7 million of common stock at $18.50 per share. Original predictions were $19 to $20 per share.
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