- Two Harbors' (TWO) Matrix Financial unit is acquiring a "bulk pool" of mortgage servicing rights (MSRs) from Flagstar Bancorp (FBC) for $500M. The pool consists of Fannie Mae and Ginnie Mae loans largely originated after 2010, and has an aggregate unpaid principal balance of $40.7B. (PR)
- As part of the deal, Two Harbors and Flagstar have formed a subservicing agreement under which Flagstar "will act as the subservicer of the mortgage loans underlying the MSRs." The agreement will stay in effect as long as the MSRs are outstanding.
Two Harbors acquiring MSRs from Flagstar for $500M, shares +2.6% AH
Dec 18 2013, 17:31 ET