Newcastle Investment Corp. 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 NSM, which acquired the related servicing rights
from Bank of America 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
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