Moving to double its lending capability, GreenPoint Financial Corp. said it will buy Headlands Mortgage Co. of Larkspur, Calif., for $473 million.

Headlands is a specialist in "alt-A" loans, made to borrowers who do not quite meet the guidelines set by Freddie Mac and Fannie Mae, the government-sponsored enterprises that buy the bulk of mortgage loans.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.