Redwood Trust to acquire CoreVest for $490m.

Redwood Trust, a specialty finance company focused on making credit-sensitive investments in residential mortgages and related assets, agreed to acquire CoreVest, an originator and portfolio manager of business-purpose residential loans, for $490m. "This acquisition reflects our strong belief that this area of housing credit offers substantial opportunity for growth and accretive returns for our shareholders. While our consumer mortgage business is thriving and continues to grow, financing alternatives for housing investors remain sparse. We made meaningful strategic progress in this line of business since acquiring the 5 Arches platform earlier this year, and expect to leverage competencies unique to each platform to enhance our relevance to this rapidly growing segment of high-quality residential real estate investors," Dashiell Robinson, Redwood Trust President.