Nationstar Mortgage Announces Definitive Agreement to Acquire Certain Mortgage Servicing Assets of Residential Capital

Nationstar Mortgage Holdings Inc. (NYSE: NSM) announced today that it has signed a definitive agreement to acquire certain residential mortgage servicing assets and other asset from Residential Capital, LLC and related entities in connection with ResCap's proposed asset sale pursuant to a plan under the U.S. Bankruptcy Code. Nationstar expects the acquired Mortgage Servicing Assets to total approximately $374 billion, including $201 billion in primary residential mortgage servicing rights (“MSRs”) and $173 billion in subservicing contracts, as measured by unpaid principal balances as of February 29, 2012, approximately $1.8 billion of related servicing advance receivables and certain other complimentary assets. The Transaction is expected to close in late 2012, subject to the conditions and auction process described below. Upon closing, the acquisition will make Nationstar the largest non-bank residential mortgage loan servicer and one of the largest residential mortgage loan originators in the United States. With this transaction, Nationstar anticipates adding more than 2.4 million customers to a customer base of over 1 million, and growing its total servicing and sub-servicing book to approximately $550 billion.