Zions Bancorp to acquire Fannie Mae, Freddie Mac business line from Basis

Zions (ZION) announced that it has entered into a definitive agreement to acquire the agency lending business of Basis Multifamily Finance I, LLC, a subsidiary of Basis Investment Group, which includes its experienced team, access to agency lending programs, and all associated mortgage servicing rights. In connection with the acquisition, Zions and Basis have entered into a strategic partnership that will expand each respective company’s real estate financing and capital formation efforts. The acquisition is subject to customary closing conditions and certain third-party approvals, including approval by Fannie Mae (FNMA) and Freddie Mac (FMCC).