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

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