Items Tagged with 'Fortress Investment Group LLC'

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  • Nationstar Plans Comeback

    Written off by most after watching its subprime operations implode late last year, Nationstar Mortgage is planning to reinvent itself as a prime retail lender operating nearly nationwide, HousingWire has learned. The company plans to expand a small retail lending platform later this month, various sources have informed HW; representatives at the Dallas-based lender did not immediately return phone calls seeking comment by the time this story was published.
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  • Fortress Mortgage Fund Down 30 Percent: Report

    Betting on the bottom of the mortgage mess is proving to be a tough bet, even for the smart money. According to a published report Monday morning, a fund set up by the private-equity and hedge-fund giant Fortress Investment Group LLC [stock FIG][/stock] to take advantage of turmoil in the mortgage bond market has tanked so far, to the tune of 30 percent in just three months after its formation.
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  • Accredited's Loss May Be Gain for Fortress, Nationstar

    Newcastle Investment Corp. (NYSE:NCT) said Friday that it will purchase a $1.7 billion portfolio of approximately 7,300 subprime residential mortgage loans, a portfolio sources have told HW was sold by troubled subprime lender Accredited Home Lenders Holding Company (NASDAQ:LEND). Accredited announced that it had sold $2.7 billion of its loans on March 16, saying the sale -- which was completed at a significant discount -- would generate additional liquidity to allow it to continue to operate. It did not indicate at that time who had purchased the loans, nor the discount associated with the sale. Newcastle is a REIT affiliated with Fortress Investment Group LLC, an investment firm that also owns subprime lender Nationstar Mortgage. Fortress purchased the subprime mortgage banking operations of homebuilder Centex in March 2006 in a deal worth approximately $575 million, which it then renamed Nationstar Mortgage.
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