Advertisement

Morgan Stanley buys Saxon Capital

GLEN ALLEN, Va., Aug. 9 (UPI) -- Morgan Stanley & Co. is paying $706 million for Virginia's Saxon Capital Inc., a residential mortgage lending and servicing real estate investment trust.

The price marks a 29 percent premium to Saxon's last closing share price, Market Watch reported Wednesday.

Advertisement

"Saxon builds on our existing origination and securitization capabilities by providing us with an extremely strong servicing platform," said Anthony Tufariello, global head of the New York's company's securitized products group, in a statement.

The deal gives Morgan Stanley opportunities to originate non-prime mortgages, Tufariello said.

Latest Headlines

Advertisement

Trending Stories

Advertisement

Follow Us

Advertisement