New billionaire Mat Ishbia has a novel idea: A SPAC boasting big profits and a dividend thanks to his massive mortgage company. By merging with a SPAC, Ishbia could skip an uncertain IPO-process that could stretch almost a year and, instead, go public in a fraction of the time. “In the mortgage market just like in any business, cash is king,” Ishbia tells Forbes. “In the years ‘04, ‘05, ‘06, when the mortgage business was booming, we were barely breaking even,” he says. I think they did $100 billion,” Ishbia says.

Source: Forbes January 23, 2021 11:30 UTC