Mat Ishbia took to YouTube last Monday to deliver an …

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Phoenix Suns NBA team owner and mortgage finance billionaire Mat Ishbia took to YouTube last Monday to deliver an upbeat analysis of the housing market from his company’s office basketball court. Three days later, the head of United Wholesale Mortgage revealed a bad bet tied to falling interest rates dealt it a $603mn loss. UWM, one of America’s two biggest mortgage lenders by originations, also revealed that it had agreed a $2.1bn capital injection led by distressed debt investor Oaktree Capital Management, with Ishbia stumping up at least $150mn.

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