Wire
Redwood Trust, Castlelake Form Joint Venture to Purchase Prime Jumbo Mortgage Loans
Redwood Trust (RWT) and Castlelake have agreed to form a joint venture to purchase up to $8 billion of prime jumbo mortgage loans, Castlelake said on Wednesday.Under the joint venture, Redwood's Sequoia platform will source, aggregate, and diligence loans that meet defined eligibility criteria, Castlelake said.Financial details related to the joint venture were not disclosed.Shares of Redwood Trust were down 2.2% in Wednesday trading.Price: $5.63, Change: $-0.12, Percent Change: -2.09%
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