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82 company also intends to refinance around $17 billion of debt that First Data is likely to have when the deal closes in the second half of 2019. Fiserv, which sold the majority of its lend- ing business to Warburg Pincus last year to create a joint entity, Sagent Lending Technol- ogies, has said that the deal is likely to generate around $900 million of run-rate cost savings and at least $500 million of revenue synergies. Upon closing, Jeffery Yabuki, current Fiserv President and CEO, will serve as CEO and Chairman of the board of directors of the combined entity. Frank Bisignano, the current Chairman and CEO of First Data, will as- sume the role of President and COO and will serve as director of the board of the combined company, which will be known as Fiserv. e combined entity will offer technology capabilities that enable a range of payments and financial services including account pro- cessing and digital banking solutions. Its capa- bilities will also include card issuer processing and network services, e-commerce, integrated payments, and the Clover cloud-based point- of-sale solution. "rough this transformative combina- tion, we expect to redefine the manner in which people and institutions move money and information," said Yabuki. "We expect this combination to catalyze and support an enhanced value proposition for our collective clients and their customers." e combined entity will also explore integrated, complementary technology capa- bilities and solutions to enhance client value and increase market differentiation. Follow- ing the close of the transaction, the combined company expects to invest an incremental $500 million over five years to create significantly enhanced solutions for clients and accelerate growth. How Wisconsin Is Investing in Homeownership e Wisconsin Housing and Economic Development Authority (WHEDA) has made sizeable strides in helping more households of e Badger State achieve their dream. In its annual report published recently, WHEDA said that the agency had made loans to 3,450 individuals and families totaling $427.5 mil- lion—the best for the agency since 2006. "While our financing activity clearly illus- trates the scope of what we do, we never lose sight that each numerical figure represents a family or an individual or small business owner whose life has been positively impacted by because of their experience with WHEDA," Wyman B. Winston, Executive Director at WHEDA wrote in his address in the annual report. Saying that WHEDA bucked the national trend of homeownership rates among mil- lennials, Winston said that 73.5 percent of the agency's loans were to millennials. Addition- ally, the report said that in 2018, 97 percent of all WHEDA home loans went to first-time homebuyers. Apart from showcasing the substantial im- pact of its housing and economic development, WHEDA's annual report also gave insights into the agency's financial performance. e agency recorded a net interest income of $27.5 million in 2018, slightly lower than $31.9 mil- lion recorded in 2017. Its mortgage servicing fee also fell to $7.8 million in 2018 compared to $8.1 million in the previous year. e annual report also shares success stories of WHEDA's support and collabora- tion with its industry partners and includes snippets on single-family homeownership as well as the redevelopment of the historic Bronzeville district in Milwaukee as well as, a shelter that provides safe harbor to homeless women and children. "I'm proud that WHEDA's housing tax credits are financing developments like urgood Marshall that utilize a nationally recognized model, "Housing First." e ap- proach is to reach some of the most vulnerable people in the community and offer them stable housing with services so that they can begin to improve their lives," Winston said. In May 2018, Wisconsin had passed Act 176 into law to establish a Wisconsin Housing Tax Credit Program that provides a tax incentive for private investment for the development or rehabilitation of affordable rental housing. MINNESOTA Trott Law P.C. Announces Expansion Plans Michigan-based Trott Law P.C. has an- nounced its expansion through a merger with Academy Law Group in Minnesota. Academy Law Group will now operate as Trott Law in Minnesota. Academy Law Group is a full service de- fault law firm, handling both private investor and GSE/FHA/VA files. After successfully representing banks and servicers for many years, they are dedicated to earning and main- taining a strong reputation for meeting the highest level of quality and customer service. e merger signifies a step into the future for both firms as they bolster its service offerings for clients through a new multi-state presence. Marcy Ford, Jeff Raff, and Jeff Weisserman will remain managing partners of Trott Law. P.C. N. Kibongni (Kibong) Fondungallah, the current managing partner of Academy Law Group, will serve as the managing partner of Trott Law in Minnesota. Fondungallah will be joined by current partner Sam Coleman. Trott Law partners Jeanne Kivi, Bill Meagher, Ken Kurel, John Kapitan, Heide Myzak, and Michelle Clark will continue with their roles in managing the Michigan operation. Trott Law P.C. specializes in real estate finance legal work, including default servic- ing, bankruptcy, eviction, and litigation. e firm represents mortgage servicers, banks, credit unions, investor groups, commercial and multi-family property owners, and individual entrepreneurs. WISCONSIN Fiserv First Data Could Generate $4B in Cash Flow In what is being called the largest acquisi- tion in the financial technology sector, Brook- field, Wisconsin-based Fiserv is set to acquire First Data for $22 billion. e deal is also likely to create strong long-term synergies for both companies, Fiserv said. Apart from the enhanced revenue growth potential, Fiserv said that the combined entity would also generate significant cash flow that was expected to exceed $4 billion in the third year following the close of the deal. e According to the U.S. Census Bureau's American Community Survey, the median monthly cost for homeowners with a mortgage in Wisconsin is $1,399. The difference between owning and renting is $586 in the Badger State. KNOW THIS

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