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Fidelity National Financial, Inc. Message Board

peristentone 4 posts  |  Last Activity: Mar 21, 2014 1:40 PM Member since: Nov 14, 1999
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  • Reply to

    DTA Value?

    by dpsimswm Jan 27, 2014 8:09 AM
    peristentone peristentone Jan 31, 2014 3:24 PM Flag

    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.

  • Reply to

    DTA Value?

    by dpsimswm Jan 27, 2014 8:09 AM
    peristentone peristentone Feb 3, 2014 11:02 PM Flag

    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?

  • Reply to

    DTA Value?

    by dpsimswm Jan 27, 2014 8:09 AM
    peristentone peristentone Feb 8, 2014 8:44 PM Flag

    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.

  • peristentone by peristentone Mar 21, 2014 1:40 PM Flag

    What percentage of SNFCA's sales and net earnings are attributable to each of its business segments, including mortgage origination?

    What was last quarter's earnings in the mortgage origination business, and did management give guidance on when that segment might hit bottom?

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