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...And it was doing more besides....
...The issue is not new: more than a decade ago, ISS opposed the re-election of Warren Buffett to the board of Coke, as some of his holdings — such as Dairy Queen, which serves Coke products — triggered a conflict...
...We must assume he knows what he’s doing....
...Just look at the mortgage business where non-bank originators such as Quicken Loans and non-bank servicers like Nationstar are swallowing great chunks of the market....
...BofA is estimated to spend about $12bn a year on its servicing business, employing 50,000 people....
...The successful auction follows the sale of ResCap’s mortgage servicing business to Ocwen Financial for $3bn on Wednesday after it won a bidding war with Nationstar Mortgage....
...Ocwen Financial fought off stiff competition from Nationstar Mortgage to win a bankruptcy court auction of Residential Capital’s mortgage servicing and origination business....
...Ocwen Financial and NationStar Mortgage will compete for the chance to buy the business at the Sheraton Hotel in New York. They have both valued the ResCap rights at around $2.5bn....
...Berkshire also sought to displace Nationstar, a mortgage company backed by Fortress Investment Group, as the stalking horse bidder for the mortgage business....
...“Berkshire offers to serve as the stalking-horse bidder for either or both of the mortgage business and the loan portfolio sales,” Ted Weschler, a Berkshire investment manager, wrote in the filing on Monday...
...If non-banks are to rival banks in the MSR business, they will eventually have to capture more agency-backed mortgages....
...But the judge selected Nationstar, a mortgage servicer majority owned by Fortress, which ResCap had originally proposed as the stalking horse bidder....
...Nationstar also originates mortgages, as well as providing services for delinquent loans, managing loans in foreclosure, title insurance, loan settlement and valuation services....
...(Bloomberg) ResCap creditors target cash from Ally asset sales: “A group of creditors owed billions of dollars by Ally Financial Inc.’s mortgage subsidiary wants cash from a string of asset sales before...
...He worked in Goldmans’ mortgage-backed securities business. In 1987, he joined the two-year analyst programme and then, unusually for the time, was asked to stay full-time on the trading desk....
...But m’lud, Mr Hornby was simply doing his best with the UK-centric business model and management structure he inherited from the notorious escape artist Sir James Crosby....
...The move by Nationstar Mortgage, a wholly owned unit of Fortress, raises questions over what role hedge funds and other relatively new entrants to the mortgage business will play in the market as a result...
...But the reality is that for the time being these firms are out of business, at least for the kinds of mega-deals they have been doing for the past few years....
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