Bayview buys US$8.7b of mortgage collection rights
New York
HEDGE fund manager Bayview Financial Holdings LP has bought the right to collect payments on about US$8.7 billion of Ginnie Mae-backed mortgages from Two Harbors Investment Corp, according to people with knowledge of the transaction.
Two Harbors, a real estate investment trust that invests in mortgages, said two weeks ago that it sold almost all of its rights to collect payments on Ginnie Mae-backed home loans, known as mortgage servicing rights, during the third quarter. It did not name the buyer. The people with knowledge of the transaction did not comment on price and asked not to be identified because they were not authorised to speak publicly. Representatives for Two Harbors and Bayview declined to comment.
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