Isn't it a little late in the cycle to just start to realize the value of MSRs now? MSRs were a big story early 2013 because they were unwanted and hugely undervalued. Now you have four or five entities that are focused on buying them from banks, and that in turn shot up the prices that everyone pays for those MSRs.
My point here: where exactly is IMH going to buy any quantity of "cheap" MSRs? The asset class is getting fairly valued now.
What value would the DTA ever have to IMH? Won't they be able to use the net operating losses to offset future earnings? They clearly won't make enough from earnings to even put a dent in the $489 NOL. Therefore the DTA - which does eventually expire worthless - is effectively a sunk asset that will never realize any value?
That's simply gambling, betting on interest rates like you would bet on a commodity.
What made MSRs interesting in early 2013 was that you could calculate very high IRRs buying them at market rates without making any upward assumptions about future interest rates. That's no longer the case.