The already shredded stock of UWM Holdings, the parent company of United Wholesale Mortgage, the largest home-mortgage lender in the US with $40 billion in mortgage originations in Q2, plunged another 35% today, into penny-stock territory of $1.20 a share. It was the largest SPAC deal at the time and made CEO and founder Mat Ishbia a multi-billionaire. A loss of $123 million due to the decline of the fair value of mortgage servicing rights. At the nonbank mortgage lenders overall, employment has plunged by 39% since 2021. So the SPAC merger of UWM in January 2021, at the very peak of this mortgage bubble, at a $16 billion valuation, was a nice job on investors.