Bankruptcy Law News

New Residential in Stalking Horse APA for Ditech Financial (1)

June 18, 2019, 11:10 AMUpdated: June 18, 2019, 7:47 PM

New Residential Investment has entered into a “stalking horse” asset purchase agreement to buy substantially all the forward assets of Ditech Financial in a court-supervised bankruptcy process.

  • New Residential sees a purchase price of about $1 billion, according to SEC filing
  • New Residential has agreed to buy, among other assets, Ditech Financial’s forward Fannie Mae, Ginnie Mae & non-agency mortgage servicing rights with an aggregate unpaid principal balance of about $63 billion as of March 31, as well as servicer advance receivables relating to such MSRs & other net assets core to forward origination & servicing businesses
  • New Residential also...
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