Industry News

HomeBanc completes public offering

Atlanta-based lender went public in July

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HomeBanc Corp. today announced the completion of a public offering through HomeBanc Mortgage Trust of about $894.7 million of notes backed by adjustable-rate, residential first mortgage loans. The trust includes $897.9 million of adjustable-rate, residential first mortgage loans originated by HomeBanc's subsidiary, HomeBanc Mortgage Corp. About 76 percent of the total portfolio consists of mortgage loans where the borrower pays interest on the six-month LIBOR rate plus margin. In some cases, borrowers pay that rate after an initial fixed-rate period of six months or three years or five years. Atlanta-based HomeBanc Corp. went public in July, during the same time many mortgage lenders were warning of lay-offs and declining revenues because of the drop off in refinancings. In announcing the completion of its initial public offering of 34.5 million shares of its common stock, the company said it was the largest REIT IPO ever. Yet the circumstances other lenders find themselves in ap...