Shareholders of Two Harbors Investment Corp. have approved its sale to an affiliate of CrossCountry Mortgage (CCM) at $12 per share. The deal, which has been under consideration by investors, marks a significant consolidation move in the mortgage sector.
The transaction comes amid ongoing market adjustments in real estate finance, with mortgage rates and affordability still pressuring the industry. While the sale price of $12 per share provides a clear valuation, the broader implications for the residential lending landscape remain to be seen.
The approval signals a shift in ownership structure for Two Harbors, a real estate investment trust focused on residential mortgage-backed securities. The deal with CCM, a large retail mortgage lender, could reshape its strategic direction.
No additional financial details or next steps were disclosed in the announcement. The closing of the deal remains subject to customary conditions and regulatory approvals.