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.
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6 comments:
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.
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
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!
GCCFC 05-GG5 goes from 7 to 17% REO. Like the GEICO ppig says, wheee!
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)?
I got busy with paying work ;) Thanks for the updates. I'm going to try to get back on the posting...
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