Thursday, October 25, 2012

Servicers Unite

Starwood is buying LNR for an undisclosed sum with 3 commas:
Barry Sternlicht's Starwood Capital Group has agreed to buy LNR Property LLC, a large player in the distressed-commercial-property market, for more than $1 billion, according to two people knowledgeable of the deal.

and, Ocwen won the bankruptcy bid for ResCap:
Ocwen will take over ResCap's business (subject to the pending approval), which includes the rights to serve nearly 2.4 million mortgages with an outstanding value of $374 billion. The company faced a serious competition from Nationstar Mortgage Holdings Inc. ( NSM ) at the ResCap bankruptcy auction in New York. Nationstar acted as the stalking horse bidder for the auction. For this, Ocwen will pay Nationstar a break-up fee of $24 million, which was included in its final bid amount.





Higher foreclosure rates coming to an RMBS near you.

6 comments:

Anonymous said...

I noticed BGC Partners was also a bidder. What's going on here?

That caught me a little by surprise. They own NewmarkKnightFrankGrubEllis & Co but didn't expect them to ante up like that.

Odd.

crabsofsteel said...

In case you thought MSC 07-HQ13 bondholders got lucky from Sandy, nope thy did not. According to http://www.thepiershopsatcaesars.com/ they will be reopening tomorrow

crabsofsteel said...

They have not reopened but the damage was not severe and according to S&P will reopen soon. According to the analyst at DB, damage was severe. He makes things up!

crabsofsteel said...

GCCFC 05-GG5 goes from 7 to 17% REO. Like the GEICO ppig says, wheee!

crabsofsteel said...

the more that is happening, the less posts there are here. Do I need to post an inspection report for City View Center in MSC 2007-IQ14 (the mall which was built on top of two landfills)?

Dark Space said...

I got busy with paying work ;) Thanks for the updates. I'm going to try to get back on the posting...