The main goal of this study is to analyze a sample of self-underwritten Initial Public Offerings (IPOs) where the going public process is conducted without the participation of any investment bank or underwriter at all. We test the hypothesis that the major incentive to self-underwrite is to maximize the proceeds from the IPO.The firms in this study are considered self-underwritten if and only if they explicitly describe their own IPO as such in the registration statement and the prospectus. This definition is completely new, since most previous academic papers have considered as those where the issuer is an investment bank that also participates in its own IPO. The main conclusion of this study is that there are no significant differences on the level of underpri...
RICHMOND, Va., Aug. 1, 2011 /PRNewswire/ -- Mortgage loans with down payments as low as five percent, with proper underwriting and mortgage insurance, do not expose borrowers, investors, or the broader housing market to undue risk and should be included in federal regulators' definition of a Qualified Residential Mortgage (QRM), said Genworth Financial (NYSE: GNW). In a comment letter filed last week with the six federal financial regulatory agencies responsible for defining QRM, as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, Genworth said the regulators' current proposed definition of a QRM will crowd private capital out of housing finance and force all low payment lending to the Federal Housing Administration (FHA), increasing the financial risk ...
..., performing a thorough prudential underwrite of the borrower, and obtaining mortgage insurance ...
The Bureau of Consumer Financial Protection (Bureau) is amending Regulation Z, which implements the Truth in Lending Act (TILA). Regulation Z currently prohibits a creditor from making a higher-priced mortgage loan without regard to the consumer's ability to repay the loan. The final rule implements sections 1411 and 1412 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), which generally require creditors to make a reasonable, good faith determination of a consumer's ability to repay any consumer credit transaction secured by a dwelling (excluding an open-end credit plan, timeshare plan, reverse mortgage, or temporary loan) and establishes certain protections from liability under this requirement for ``qualified mortgages.'' The final rule also implements...
... safe harbor for loans that satisfy the definition of a qualified mortgage and are not ``higher-price... copies of the documentation used to underwrite a transaction but that creditors must be able to r...
.... Insured depository institutions by definition are banking institutions chartered under US law th..., the Rule allows banking entities to underwrite securities as a way to provide financing to a cust...
... otherwise meet the qualified mortgage definition, and the creditor must underwrite the mortgage bas...
... valid, the policy was ambiguous in its definition of "insurable interest" and could not be used to d... property is less than the coverage it underwrites." G.M. Battery & Boat Co., 747 S.W.2d at 628. . ...
..., this metaphysics appears equally to underwrite opposing visions of peace. The "positive" concept .... Disciplinarian by definition, civil peace that forms, or secures, state authori...
... Insured depository institutions by definition are banking institutions chartered under US law th..., the Rule allows banking entities to underwrite securities as a way to provide financing to a cust...
... otherwise meet the qualified mortgage definition, and the creditor must underwrite the mortgage bas...
... for a national bank to deal in, underwrite, purchase, and sell for the bank's own account, in...
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