The loan, structured by Canyon Partners with participation from credit funds managed by affiliates of Fortress Investment Group, essentially doubled the amount of cash New Residential has on its balance sheet.
FHFA Director Mark Calabria: “Homeowners who are in COVID-19 forbearance but continue to make their mortgage payment will not be penalized. Today’s action allows homeowners to access record low mortgage rates and keeps the mortgage market functioning as efficiently as possible.”
KBW believes the Freddie announcement could improve valuations for mortgage servicing rights “as the market reduces its expectations for potential servicing advance costs.”
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