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Fitch Ratings has downgraded the Long-Term Issuer Default Ratings of Finance of America Companies Inc. and its subsidiaries, Finance of America Equity Capital LLC and Finance of America Funding LLC ...
The credit ratings agency said the downgrade stems from FOA's "operating losses" and "erosion of tangible equity" over the past year.
The deal will close for $10 million in cash, plus the right to purchase nearly 33.9 million shares of common stock.
Finance of America (FOA) CEO Patti Cook announced that she will retire from the company later this year, with a successor to be named at a later date.
Finance of America (FOA) CEO Patti Cook announced that she will retire from the company later this year, with a successor to be named at a later date.