Real estate investment trust (REIT) New Residential Investment Corp. announced a commitment to purchase interests in a $900 million pool of non-agency loans.
According to a release from New Residential, the loans involved in the deal were previously securitized by an affiliate of Springleaf Financial Corporation, which was previously affiliated with AIG until it was acquired by Fortress Investment Group managed funds in 2010.
Though the terms of the deal were not disclosed, New Residential expects to settle the acquisition by the end of this year's first quarter.
The latest transaction isn't New Residential's first foray into mortgage servicing assets acquisitions. Late last year, the company announced an agreement to acquire $3.2 billion of servicing advances from Nationstar.
"We continue to believe that our robust portfolio of servicing related assets, non-Agency RMBS [residential mortgage-backed securities], consumer loans and other related investments positions us well to generate strong returns for our shareholders," CEO Michael Nierenberg said at the time.