New York City-based REIT will pay $120M in cash for national non-Qualified Mortgage lender HomeXpress Mortgage Corp., plus 2.08M shares in Chimera valued at $27.9M
Deal gives the nation's biggest provider of riskier 'non-QM' mortgages additional capacity to offer more traditional loans backed by Fannie Mae and Freddie Mac, FHA, VA and USDA
Failures raise questions about the viability of a small but growing corner of the mortgage business that largely serves self-employed borrowers