UPDATE: Citi Initiates Coverage on Nationstar Mortgage Holdings

According to a research report published this morning, Citi has initiated Nationstar Mortgage Holdings

with a Buy rating and $18 PT. Citi commented in the report, "NSM is a high touch non-bank residential mortgage servicer with a growing loan origination platform. They seek to capitalize on the trend of banks selling mortgage servicing rights (MSR's) to non-banks due to regulatory and capital issues. Fortress (FIG), private equity firm, owns 79% of the company." Nationstar Mortgage closed Friday at $14.19.