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$114 Billion of MSRs on the Auction Block Now

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dpsimswm   Wednesday, 12/11/13 01:27:43 PM
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$114 Billion of MSRs on the Auction Block Now

By Paul Muolo

pmuolo@imfpubs.com

Citigroup is once again “re-marketing” a $61 billion package of mortgage servicing rights while Walter Investment Management Corp. said it is on the verge of buying $62 billion of MSRs, according to new public statements and information provided by investment banking officials.

Meanwhile, Interactive Mortgage Advisors is working on three deals totaling $11 billion, which means roughly $114 billion of product may soon find a new home before yearend.

Citigroup has been trying to sell the $61 billion since early in the fall. Investment banking officials say an earlier sale of that package fell apart and is now being “recast.” Much of receivables are legacy in nature. Citigroup declined to comment.

Walter, meanwhile, said it is executing on a previously announced $62 billion purchase of MSRs, and signed a “definitive agreement” to buy at least $30 billion in Fannie Mae receivables. Walter did not disclose the seller on the $30 billion, but it’s believed to be Flagstar Bancorp. Flagstar declined to comment.

Meanwhile, the Federal Housing Finance Agency is beginning to eye large MSR transfers more closely, industry advisors said. For more on that story, see the new edition of Inside Mortgage Finance, available online later in the week.

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