Bob, that's what Bass said. The ones that are complaining are the ones that are delinquent or have other problems with their loans and they'd be complaining with whomever holds them. His 1.9% complaint figure of NSM "problem loans", (not all loans), vs. banks 7% complaint rate of ALL loans is an eye opener.
Wayne, I particularly liked his comment that it's only one state and one regulator that's causing the commotion. Probably falls into the political arena if you ask me.
BobS. Couldn't find any links between them other than Kyle was born in Miami and Dan went to FSU. Other than that they seem worlds apart, but who knows. Congrats on your FIG call from way back.
Mgng partner Hayman Capital. They just took a 5.3% stake in NSM and stated there will be approx. 1 TRILLION dollars in new MSRs coming on the market from the banks in the next 12 months. Said the NY investigation into OCN and NSM are superficial and the ratio of complaints from NSM customers vs. loans is under 1.9% (and those from mortgagees delinquent in payments.....of course they'll complain when the servicer goes after them). Banks ratios have been historically over 7% of ALL mortgages.
NEW YORK--(BUSINESS WIRE)-- New Media Investment Group Inc. announced today that it will release its fourth quarter and full year financial results for the period ended December 29, 2013 on Wednesday, March 19, 2014 at approximately 7:00 A.M. Eastern Time.
In addition, management will host a conference call on Wednesday, March 19, 2014 at 10:00 A.M. Eastern Time. A copy of the earnings release will be posted to the Investor Relations section of New Media’s
Apparently you're a long investor (vs. trader) so sit tight and enjoy the dividends. If you want to add more I'd do it in stages on dips (like today). Forget the day to day moves if you've done your DD and are satisfied with your investment. Anyone would be foolish to predict where a stock will be at year end. Drats, I figured we'd be back into double digits by now, not going in the opposite direction.
Hey Mark, GPT has been off my radar for some months now. Sold everything but 1k shares just to keep my toes in but got tired of waiting all these years for it to recover and sold back in the fall (a bit different than NCT). Had a mid 5 figure loss on it's original iteration GKK but made it back to even with an opportune 5k share buy of the GKK preferreds at $3.00, which I sold at $13. It just took too long for the company to reorganize itself and get back on track--- Too many promises and expectations over the years without delivering. Hope it's as good to you as NCT has been to me.
Item 1.01. Entry into a Material Definitive Agreement.
On March 6, 2014 New Residential Investment Corp. (the "Company") and Merrill Lynch, Pierce, Fenner & Smith Incorporated (the "Co-Investor") entered into an agreement (the "Agreement") pursuant to which the Company agreed to purchase approximately $625 million current face amount of non-Agency residential mortgage securities (the "NRZ Purchased Securities") for approximately $553 million (the "NRZ Purchase Price"). The NRZ Purchased Securities represent 75% of the mezzanine and subordinate tranches (collectively, the "Subordinate Tranches") of a securitization previously sponsored by an affiliate of Springleaf Finance Corporation ("Springleaf"). The securitization, including the NRZ Purchased Securities, are collateralized by residential mortgage loans with a current face amount of approximately $900 million.
The Subordinate Tranches were offered for sale in a competitive auction (the "Auction") held by Third Street Funding LLC (the "Depositor"), an affiliate of Springleaf. Prior to entering into the Agreement, the Co-Investor submitted a bid (the "Bid") for 100% of the Subordinate Tranches. On March 6, 2014, the Co-Investor was declared the winning bidder, and it will purchase 25% of the Subordinate Tranches on the same terms as the Company's purchase.
The Company's obligation to purchase the NRZ Purchased Securities is subject to obtaining financing, and the Co-Investor agreed to provide such financing to the Company on the terms set forth in the Agreement. The Agreement also sets forth the relative voting and other rights between the Company and the Co-Investor in respect of the securities.
The Company expects to settle the purchase by the end of the first quarter of 2014, although there can be no assurance as to the actual timing of settlement.
Thanks wayne. As I posted I didn't know if they had any other dealings with Springleaf other than the MSR deal. Guess things will be clearer next week.
Wayne, I don't know if they "bought" stuff from Springleaf before but they were in the deal with the BofA MSRs a few months back. The NRZ earnings and CC will be next Wed. My guess we'll hear all about it then.
Thanks Bill. Used to be heavily invested in all things over the seas, including SSW. It's such a long cyclical business it's hard to tell when it's turned the corner. The BDI has been up and down 50% both ways since Dec.
Chinese exports dropped 18% in Feb. along with reports the economy is slowing sharply. Tread lightly in containerships as a huge percentage of seaborne finished goods shipping is China originated. Copper also dropped to a 7 month low on slower Chinese Mfg. outlook.
From Morgan Stanley this morning:
March 10, 2014
North Atlantic Drilling
Niche Play on the Harsh
Environment Rig Market;
Initiating at Equal-weight
NADL is the only vehicle offering pure-play
exposure to the attractive harsh environment rig
market. We highlight a compelling ~10% dividend
yield, but we see a balanced risk-reward while a
total return upside of ~20% is in line with other
Equal-weight rated offshore drillers.
Buffered by Near-Term Exposure to Norway: Norway
is a captive rig market with barriers to entry limiting risk
of sudden capacity expansion. Given a robust
supply-demand outlook, we see Norway rig dayrates
holding relatively firm vs. near-term dayrate rollover
concerns for the broader market. Norway contract
durations are also typically longer, translating into
greater cash flow and dividend visibility for NADL.
Idiosyncratic Growth Opportunity in the Arctic: The
Arctic is one of the last exploration frontiers and we see
significant potential for the play to contribute to harsh
environment rig demand growth. However, only a limited
portion of the global rig fleet is capable of harsh
environment operations, and even a smaller portion is
capable of Norway / Arctic operations. Efforts are
already under way in opening the Arctic play, particularly
in Russia, where NADL has established a first mover
Yield-Driven Upside: We believe NADL’s premium on
NAV and EV/EBITDA is warranted by a shareholder-
friendly dividend policy and high return on assets. Our
12-18 month price target of $9.90 is based on an annual
DPS of $0.92 and assumed yield of 9.3%. This
translates to a total return upside of ~20%, in line with
other Equal-weight rated offshore drillers, although we
see room for a re-rating to the extent the Norway rig
market and / or Arctic growth opportunities accelerate.