Short Takes: Goldman and Fortress Win the Bid for Fannie NPLs
By Paul Muolo, Carisa Chappell email@example.com, firstname.lastname@example.org
Hedge fund Fortress along with Goldman Sachs emerged as the winning bidders on a $1.24 billion nonperforming loan auction by Fannie Mae, according to a statement published by the GSE Tuesday morning. In total, 7,000 delinquent loans will be put into the hands of the two financial services giants?
The NPLs were sold in three pools, two of which had final ?broker price opinions? north of 100 percent. Fortress, which operates many different funds, has several different mortgage investments, including a 61 percent stake in Nationstar Mortgage?
Shortly after Fannie was taken over by the federal government in the fall of 2008, regulators forced then CEO Daniel Mudd to resign. He eventually went to work for Fortress, but left that company as well?