Items Tagged with 'Newcastle'

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  • Mortgage REIT Insider: Walking the Plank

    One of these days, I’ll be able to write a positive column about the mortgage REIT sector. Today, however, is not one of those days. This week was one of the ugliest yet for the mortgage finance companies, with vicious selling spurred on by potential bankruptcy at mall REIT giant General Growth Properties [stock GGP][/stock] and the news that two major commercial loans near default are sinking newly-minted CMBS JPMorgan Chase Commercial Mortgage Securities Trust 2008-C2. With that, let’s take a look at which mortgage REITs are in danger of walking the plank this week.
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  • Mortage REIT Insider: Alescoe's CDO Woe

    Perhaps the biggest story of the week was CDO woes anew at Alesco Financial [stock AFN][/stock]. This week’s blowup came courtesy of ailing Alt-A lender IndyMac Bancorp [stock IMB][/stock], which announced (in addition to a worse-than-expected quarterly loss) that it would defer the interest payment on its trust preferred securities. Alesco holds a portion of the equity interests in eight CDOs that include trust preferred securities issued by IndyMac.
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  • Newcastle Announces Second Quarter 2007 Results

    (August 2, 2007) -- Newcastle Investment Corp. reported that for the quarter ended June 30, 2007, Funds from Operations excluding the effect of a non-cash impairment charge was $38.5 million, or $0.73 per diluted share, compared to $0.66 per diluted share for the second quarter 2006.
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  • Accredited's Loss May Be Gain for Fortress, Nationstar

    Newcastle Investment Corp. (NYSE:NCT) said Friday that it will purchase a $1.7 billion portfolio of approximately 7,300 subprime residential mortgage loans, a portfolio sources have told HW was sold by troubled subprime lender Accredited Home Lenders Holding Company (NASDAQ:LEND). Accredited announced that it had sold $2.7 billion of its loans on March 16, saying the sale -- which was completed at a significant discount -- would generate additional liquidity to allow it to continue to operate. It did not indicate at that time who had purchased the loans, nor the discount associated with the sale. Newcastle is a REIT affiliated with Fortress Investment Group LLC, an investment firm that also owns subprime lender Nationstar Mortgage. Fortress purchased the subprime mortgage banking operations of homebuilder Centex in March 2006 in a deal worth approximately $575 million, which it then renamed Nationstar Mortgage.
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