Fortress Investment Group is raising its commercial real-estate bets while that market remains down. The New York private-equity firm on Thursday said its funds have acquired CW Financial Services, one of the largest servicers of souring commercial mortgages packaged into bonds.
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The average U.S. rate for a 30-year fixed mortgage fell to 3.33% this week, according to Freddie Mac, as the Federal Reserve’s bond-buying program created demand for securities backed by home loans.
The statement asks the government to provide the “final piece of the puzzle” – a liquidity facility for single-family and multifamily servicers.