Ditech Holding Corp., which filed for bankruptcy in February, said on Tuesday that it reached two separate deals with buyers for its forward and reverse mortgage servicing and originations businesses, the Wall Street Journal reported. Publicly traded real-estate investment trust New Residential Investment Corp. will acquire assets of Ditech’s forward mortgage servicing and originations business Ditech Finance LLC, while Mortgage Assets Management LLC will buy the stock and assets of the company’s reverse mortgage business, Reverse Mortgage Solutions Inc. New Residential’s offer will be designated as a stalking-horse bid, and each of the two agreements are subject to higher and better offers. The deadline for submitting competing bids is July 8 and a confirmation hearing is scheduled for Aug. 7. The Fort Washington, Pa.-based company planned to sell its assets since the start of its chapter 11 proceeding, and the company has also negotiated a deal with lenders to forgive more than $800 million in debt.
