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Wednesday, April 18, 2018 11:28:53 AM
It is a rinse and repeat operation by KKR as usual.
Now with all the speculation of our mortgage assets returning and WMIH + NSM will service, I think it has only a minor effect. At the most, we will have 50B - 100B mortgage assets and that's peanut compared to what NSM is servicing right now.
But like in 80-90% of mortgage loan I had with big banks, they were all sold out to another company to service after a few years. And so JPM is not the exception and JPM will farm out its entire mortgage servicing (including the WAMU loans that it "bought" for 1.9B and more) to WMIH + NSM. So that will be a starting point for KKR to propel itself into the mortgage loan business. And the NOL will be useful to shelter all the taxes.
So 20% tax rate * 6B = 1.2B and that will pay for the cost of KKR to build its real estate loan business.
P.S. I assume that assets have a 10% value and so 50B to 100B assets are worth 5B-10B.
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