Saxon Capital Inc., a residential mortgage lender and servicer based in Glen Allen, Va., has announced that its board of directors has authorized the company to convert to a real estate investment trust.Saxon said it plans to carry out the conversion, which requires shareholder approval, through a series of mergers among newly formed Saxon entities. The company said it expects Saxon shareholders to receive one share of the REIT common stock, plus a cash consideration, for each share of Saxon common stock they own. Saxon can be found on the Web at http://www.saxoncapitalinc.com.
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