Friday, 24 October 2014
Last updated 15 hours ago
Sep 18 2013 | 11:02am ET
As banks pull back from the mortgage market, hedge and private-equity funds are piling in.
Fortress Investment Group and the Blackstone Group's GSO Capital Partners have both launched new efforts to buy mortgage servicing rights. The firms have been drawn by rising interest rates, a decline in new mortgages and the desire of banks to shed risk from their balance sheets.
At least $1 trillion worth of MSRs will change hands over the new two years, Nationstar Mortgage Holdings CEO Jay Bray told Bloomberg News. Fortress is the majority owner of Nationstar.
EFJ Capital, Pine River Capital Management and Seneca Mortgage Investments are also buying up MSRs. Fortress' MSR Opportunities Fund II closed in July with $1.1 billion.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...