Hawkster, please rethink your mathmatics; to my way of reckoning you will receive 1 share of SBY for every 20 shares of TWO. I wish you were right my friend but if what you predict were accurate, there wouldn't be a sell off in after hours trading. However, the announcement was so damn confusing at first you might be right and I hope I am wrong but doubt it. Good luck with your position. Like you I am in a HOLD position. Frankly, if you are in the stock for the long term the SPO generally raise book value per share.
No. With the extra 50+ million shares, it's now closer to 0.05. But that's okay becasue the offering is near $1 above the last reported BV. (18 million SBY is now divided amont 350 million shares of TWO.)
MSRs is big and profitable business. Was last Friday's announcement and today's large offering ($675 million) a coincidence? I think not.