The $1.1 billion deal adds to the acquisition by WL Ross & Co. of American Home, giving the company $95 billion in mortgage financing. The deal is expected to close by May 30.
"We've been focusing on the mortgage area, and on the monoline insurance people. We have not been focusing on the brokerage investment banking companies," Ross told CNBC. "I think it's very, very hard, particularly from the outside, to figure out what one of these is worth."