Two Harbors countersues UWM over alleged merger breach and fraud

Two Harbors countersued UWM, seeking to recover $25.4 million and damages, alleging UWM’s financial misrepresentations and breach of the merger agreement. UWM is accused of concealing its deteriorating financial condition and a $27.5 billion interest rate bet.

Why it matters. The lawsuit could have significant financial implications for both companies and affect the mortgage servicing industry.