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Slide #21. Two Harbors Investment Corp. — Bulk pool of mortgage servicing rights from Flagstar Bank, FSB
Acquirer:
Two Harbors Investment Corp. (NYSE:TWO)
Acquiree:
Bulk pool of mortgage servicing rights from Flagstar Bank, FSB
Details:
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 (REIT) focused on investing in, financing and managing Agency residential mortgage-backed securities (Agency RMBS), mortgage servicing rights (MSR), and other financial assets, which it collectively refers to as its target assets. Co. is externally managed and advised by PRCM Advisers LLC, a wholly-owned subsidiary of Pine River Capital Management L.P. Co.'s portfolio includes assets that are primarily sensitive to changes in interest rates, prepayments and mortgage spreads, including but not limited to Agency RMBS, MSR and related hedging transactions.
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