Tuesday, March 31, 2020

The loans were sold at a discount

Fortress-Managed New Residential Is Selling $6 Billion of Debt

Key take aways: New Residential, which has seen its stock sink more than 65% this year, has a market value of about $2.2 billion cut its quarterly dividend 90% to preserve liquidity. While the Federal Reserve is buying up mortgage debt, the effort is focused on securities consisting of so-called agency loans that were created with help from the federal government -- different from New Residential’s non-agency debt. “Conditions created by the Covid-19 pandemic have greatly impacted the mortgage REIT industry, The company said its book value has declined about 25% to 30% since the end of last year.

Posted by deepak @ 09:55 PM (458 views)
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