Business
America’s Mortgage King Lost $600 Million and Needed a Rescue
Mat Ishbia made a fortune by running the largest mortgage lender in the country. He used his wealth to buy the NBA’s Phoenix Suns for $4 billion in cash and to build a mansion in Michigan with a trampoline park and rock-climbing wall.
The businessman surprised investors last week when he revealed that an ill-timed wager had left his company, United Wholesale Mortgage, with a $600 million hole. The Pontiac, Mich., company said it was suspending its common-stock payouts and getting financing from Oaktree Capital Management, a lender to distressed companies. Shares tanked 35%, leaving them down about 70% this year.
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