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Slide #21. Two Harbors Investment Corp. — Bulk pool of mortgage servicing rights from Flagstar Bank, FSB
Two Harbors Investment Corp. (NYSE:TWO)
Bulk pool of mortgage servicing rights from Flagstar Bank, FSB
Two Harbors Investment Corp. (NYSE:TWO) today announced that its wholly owned subsidiary, Matrix Financial Services Corporation ("Matrix"), has entered into an agreement to acquire a bulk pool of mortgage servicing rights ("MSRs") from Flagstar Bank, FSB ("Flagstar"), a subsidiary of Flagstar Bancorp, Inc. (NYSE:FBC). Under the agreement, Flagstar will sell to Matrix the MSRs on residential mortgage loans having an aggregate unpaid principal balance of approximately $40.7 billion, for the purchase price of approximately $500 million. The underlying pool of mortgage loans is comprised of Fannie Mae and Ginnie Mae loans, originated primarily after 2010. The acquisition is expected to close on or about December 31, 2013, and is subject to customary closing conditions.
Two Harbors Investment is a holding company. Through its subsidiaries, Co. operates as a real estate investment trust focused on investing in, financing and managing Agency residential mortgage-backed securities (Agency RMBS), non-Agency securities, mortgage servicing rights (MSR), and other financial assets, which it refers to as its target assets. Co.'s target assets include Agency RMBS, whose principal and interest payments are guaranteed by the Government National Mortgage Association, the Federal National Mortgage Association, or the Federal Home Loan Mortgage Corporation; Non-Agency securities; MSR; and other financial assets.
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