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Newcastle Completes First Closing of Co-Investment in Excess MSR's with Nationstar Mortgage

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Newcastle Investment Corp. (NYSE: NCT) announced today that it has
completed the first closing of its previously announced co-investment in
excess mortgage servicing rights (“Excess MSRs”) with Nationstar
Mortgage LLC (NYSE: NSM), which acquired the related servicing rights
from Bank of America (NYSE: BAC).

The closing, which was completed on January 31, 2013, relates to Excess
MSRs on loans with an aggregate unpaid principal balance (“UPB”) of
approximately $58 billion as of December 31, 2012 that are owned,
insured or guaranteed by Fannie Mae or Freddie Mac. Newcastle is
entitled to one-third of the monthly cash flow generated by the Excess
MSRs, net of a base fee paid to Nationstar. Nationstar will retain a
one-third interest in the

See full press release

Posted-In: Earnings News Guidance Contracts Management

 

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