Professional Documents
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Chris Mayer Editor & Founder, Capital & Crisis, Mayers Special Situations coffeecan@agorafinancial.com
servicing business Specialty servicers taking the slack (Ocwen, Walter, etc.) Im not recommending a servicer
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balance (UPB)
Basic servicing fee Excess servicing fee
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After IPO
Agency MBS (65% of assets); Excess MSRs (25% of
assets), but majority of equity (68%) in Excess MSRs. Bought 2 pools of Excess MSRs
Cherry Hill
Comps?
HLSS (not a REIT, focuses on subprime) co-invests with Ocwen, trades ~1.3x book NRZ co-invests in excess MSRs with Nationstar (but lots of other assets too), trades for ~1.3 times book
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Comparisons
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Second idea
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Best places to be
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Large discounts
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Seed portfolio:
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A word about KW
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Summary
#1 Cherry Hill (CHMI) #2 Kennedy Wilson Europe (KWE)
Also Kennedy Wilson (KW)