the bottomline

OMAHA, Neb:

Warren Buffett’s company is loaning $1.5 billion to Home Capital and spending roughly $300 million to purchase nearly 40 percent of the troubled Canadian lender’s shares.

Berkshire said Thursday that the credit line will carry a 9 percent interest rate once Berkshire completes its initial stock investment later this month. The interest rate is similar to what Berkshire charged on loans during the financial crisis. Home Capital has struggled with liquidity issues since Canadian regulators announced they were investigating the mortgage lender. (AP)

WASHINGTON:

Long-term US mortgage rates dropped slightly this week.

Mortgage buyer Freddie Mac says the benchmark 30-year, fixed-rate mortgage averaged 3.90 percent, down from 3.91 percent last week. The rate stood at 3.56 percent a year ago and averaged a record low 3.65 percent in 2016.

The 15-year, fixed-rate home loan, popular with homeowners seeking to refinance their mortgages, also blipped lower — to 3.17 percent from 3.18 percent. A year ago, the 15-year rate was 2.83 percent.

The rate on five-year, adjustablerate mortgages decreased to 3.14 percent from 3.15 percent. It was 2.74 percent a year ago. (AP)

NEW YORK:

Altice USA shares rallied Thursday in their New York market debut after the telecom group controlled by French billionaire Patrick Drahi raised some $1.9 billion in an initial public offering.

Shares traded up 5.6 percent at $31.69 in early exchanges on Wall Street. Altice USA priced some 63.9 million shares at $30 in the biggest telecom IPO since the dotcom collapse in 2000. (AFP)