Onity /
Mortgage Assets Management, LLC
Onity plans to acquire Mortgage Assets Management assets
What happened
Onity Group Inc. and PMC entered into a letter of intent with Waterfall Asset Management, LLC to acquire substantially all assets of Mortgage Assets Management, LLC. The assets include cash, reverse mortgage loans and mortgage servicing rights.
The assets have an estimated aggregate net asset value of approximately $55 million. Onity intends to issue Waterfall perpetual preferred stock with an aggregate liquidation preference of approximately $52.7 million.
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Onity plans to acquire Mortgage Assets Management assets
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