Mortgage company loss raises questions about Suns owner's wealth
Business · 16 August 2026
Written by AI from multiple news reports
United Wholesale Mortgage, the largest home loan company in the United States, lost $600 million in 2024. The company is owned by Mat Ishbia, who also owns the NBA's Phoenix Suns.
The loss came after UWM tried to buy mortgage rights from a company called Two Harbors. The deal failed, and UWM has now sued Two Harbors for fraud and breaking their agreement. Two Harbors has rejected these claims.
UWM's stock price fell around 70% during 2024. The company has also stopped paying dividends to shareholders. To strengthen its finances, UWM secured a $2 billion partnership with investment firm Oaktree Capital Management.