Fortress sold Nationstar NST to Mr. Cooper COOP (formerly WAMU Washington Mutual 7B NOL) 17% owned by KKR, prior to NST acquisition by COOP KKR owned 24%.
Fortress owned 68% of NST Nationstar and sold NST to COOP for $3.8B and cashed out only $700M est 33% ($3.8B x 68% = $2.584B) so Fortress is COOP, Fortress is OCN Ocwen Financial 5.8M shares, Fortress is NCT aka DS, Fortress is NRZ www.newresi.com over 10M, Fortress is NOVC Novation Companies (Novastar Financial Inc. NFI ex MREIT, HCS www.healthcare-staffing.com and 728M NOLs, valuable CCR per Michael Huang).
Fortress which owns 31.3M or 25% of NOVC equity with Sr Debt partners EJF Capital (founded by Manny Friedman, Neal Wilson coCEOs ex Founder FBR) via CDOs (EJF Capital - Kodiak CDO I 1.3rd of NOVC Sr Debt and Taberna I & II 2.3rd of NOVC Sr Debt aka SDH Sr Debt Holders are past co investors with Barry Igdaloff).
This means Fortress is largest shareholder in COOP. Bill Wallis Director of Alternative Investments at Barings and direct report to Thomas Finke, CEO of Barings and Chief Investment Officer at both Barings and parent Mass Mutual) stated years ago MM strong commitment to copy KKR investment in COOP at NOVC so as to monetize NOVC $728M NOL and CCR cleanup call rights on most of $3B portfolio. He consulted KKR famed law firm and PJT Partners NYSE PJT http://pjtpartners.com/ financial architects on KKR investment in COOP to save $7B NOLs from WAMU. So why is NOVC Board continue with the false narrative that the future is only HCS? You'll have to ask Barry Igdaloff the Master Mind of NOVC and Lead Board Member per Sarbanes Oxley Act SOX. All investors that control NOVC connect to Igdaloff (Gillman, Eberwein, Tilson, Todd Emoff, Thomas Akin, Howard Amster, Mass Mutual Baring and most of all Wesley Edens, Peter Briger and Manny Friedman owned by FRANK BAZOS of WTM)
Nationstar Mortgage LLC
Nationstar Mortgage is a residential mortgage servicer and originator focused on capitalizing on the consolidation of the mortgage servicing sector. Mr. Cooper, Nationstar's flagship brand, is the largest non-bank mortgage servicer in the nation. Fortress acquired Nationstar in July 2006 and took the company public in March 2012.
Initial Investment Date:
Nationstar Mortgage LLC; d/b/a Mr. Cooper
Fri 21 Dec, 2018 - 2:02 PM ET
Nationstar Mortgage LLC (Nationstar) is an indirect, wholly owned subsidiary of Mr. Cooper Group, Inc., (Mr. Cooper), pursuant to a merger agreement between Nationstar Mortgage Holdings Inc. and WMIH Corp. (f/k/a Washington Mutual, Inc.) that closed on July 31, 2018, acquiring ownership from Fortress Investment Group.