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New Residential Investment Corp. Message Board

  • gator54545 gator54545 Mar 10, 2014 9:39 AM Flag

    a message from the real world.

    I started buying this and other reits in early 09 on the assumption the real estate business would not go away.it did not. as a working man in north central florida I have seen the real estate boom come and go.about a year ago I took profit on 90% of my holdings and put it directly into housing here in fl.i have 1 mortgage with ocwen ,2005 vintage that I am still paying.i have another home I bought in 04 and I have paid off and I can only get a small mortgage to use for more property.how much credit risk can there be for someone that has owned a home 10 years and already paid it off once. As I sell of property I am going to redeploy capital into loans to credit worthy people who the bank will not talk to. I don't know what the banks are doing but they don't appear to be interested in loaning money.despite what short term thinking shorts think I feel holding the msrs of people who have a difficult time getting a loan is close to printing money. a thank you to mr. merit . you are a rare creditable voice on this message board.

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    • It's best to get into the foothold of non performing loans if you have the capital. Learn what you can and find like minded partners. The owner financing model is easily replicated but just doing it for the msr may not fit what you envision. It is a business of scale.

      • 1 Reply to hanakookie
      • thank you,my comment was intended to give a real world perspective of the difficulty of getting out of these legacy loans. I see people like myself that have been current for years but for some reason were unwilling or unable to sale or refinance. I find it helpful to follow and industry from both the top and the bottom. I am a working man with a vastly different take on things than these daytraders. For what its worth I have spoken with both of my bankers about another mortgage and neither had knowledge of ocwen or the non bank servicers in general.

 
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