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Delta_Neutral  

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  • Petrobras - Is Bankruptcy Possible? [View article]
    nice man, keep posting your insights. good stuff
    Mar 27, 2015. 01:42 AM | Likes Like |Link to Comment
  • New Residential Investment: Understanding Its MSRs And Stable 10% Yield [View article]
    On March 20, 2015, Home Loan Servicing Solutions, Ltd. (the “Company”) entered into an amendment (the "Amendment") to its senior secured term loan facility agreement dated as of June 27, 2013 among the Company, as borrower; certain subsidiaries of the Company, as guarantors; JPMorgan Chase Bank, N.A., as administrative agent and collateral agent and the lenders party thereto. Pursuant to the Amendment, the deadline for the Company to furnish its annual financial statements was extended to April 10, 2015, and certain terms of cross-default to the Company's advance financing facilities were amended. In addition, consent was granted to permit certain amendments to the Ocwen Subservicing Agreement.
    Mar 26, 2015. 12:42 AM | 1 Like Like |Link to Comment
  • REM And The mREITs Still Attractive [View article]
    There is a dividend to compensate for those fluctuations. Further, most of the mREITS have already been hammered the past 6 months in anticipation of this "event", which is more and more becoming a non-event. With $10K invested in Annaly from 3/25/01 to 3/25/15, the annualized return was 11.79% and after DRIP = to $47,617. Stay the course, Stay Long.
    Mar 25, 2015. 11:52 PM | 1 Like Like |Link to Comment
  • Bloomberg: Petrobras debt swells by 70B reais in six months [View news story]
    a) They hedge against a decline in the Real
    b) That headline is backward looking as the Real strengthened to around 3.13 yesterday.
    c) The real is at a 20-year high. In all likelihood it was an extreme over-reaction and the Real should strengthen to <3.00
    Mar 25, 2015. 04:46 PM | 2 Likes Like |Link to Comment
  • REM And The mREITs Still Attractive [View article]
    Added more today on the ex-dividend.
    Mar 25, 2015. 04:43 PM | Likes Like |Link to Comment
  • Petrobras - Is Bankruptcy Possible? [View article]
    BRL now at 3.1336 ....Bullish
    Mar 24, 2015. 03:04 PM | Likes Like |Link to Comment
  • REM And The mREITs Still Attractive [View article]
    I'm long for the past year but why does the long term chart look like a cliff? Did it split? see 2008ish
    Mar 23, 2015. 01:19 PM | Likes Like |Link to Comment
  • Annaly Capital Management declares $0.30 dividend [View news story]
    REM is better because it's 30+ mREITS. your exposure is not limited to one
    Mar 18, 2015. 02:18 AM | Likes Like |Link to Comment
  • MORL Is A 'Too Good To Be True' Investment [View article]
    If you don't want 2x the exposure go with $REM
    Mar 13, 2015. 01:39 AM | Likes Like |Link to Comment
  • Ocwen volatile after business updates [View news story]
    If they cut their MSR book by half they will have roughly $2 B on the balance sheet. yes, their revenue and earnings will decline short term, but quality and reputation will stabilize and actually improve. $2b cash from selling ~$200b Agency MSR UPB is $16 cash/share. who's fooling who?
    Mar 3, 2015. 02:40 PM | Likes Like |Link to Comment
  • Ocwen volatile after business updates [View news story]
    The dust will settle, the sun will rise, and ocwen in a years time will be able to rebuild their MSR book. With this reset, they will actually become a dominant force in the servicing business. based on Basel III rules alone. my price target is $50 in two years
    Mar 3, 2015. 02:41 AM | Likes Like |Link to Comment
  • Bank Of America: Singled Out For 2015 CCAR Failure? [View article]
    No such thing as CAT1, only CET1 or Common Equity Tier 1 Capital.
    Further, expect capital distributions to be severely limited for all banks as there is also a capital conservation buffer on top of the regulatory capital ratio floors within Basel III. Regulators will continue to restrict Retained Earnings distribution (dividends) until banks have sustained a massive hoard of capital on their balance sheet to comply with well adequate capital ratios.
    As banks exit parallel, they will have to report the floor of both the Standardized and Advanced Approach. Also known as the Collins Floor Amendment. For example, if your institution reports a Std Approach of 14% but the Adv Approach is 12%, the institution will have to report the Adv Approach. Again, this is predicated on receiving approval from regulators to exit parallel.
    Although the dividends could be "restricted" for bac, I don't see it to be very meaningful as they only distribute 5c/quarter.
    Great article on a very complicated topic.
    Mar 2, 2015. 01:32 AM | 3 Likes Like |Link to Comment
  • High-Yield New Residential Investment Boosts Shareholder Value (A Lot) With Acquisition [View article]
    Tim, what are your thoughts on 0cn?
    Feb 24, 2015. 08:09 PM | Likes Like |Link to Comment
  • High-Yield New Residential Investment Boosts Shareholder Value (A Lot) With Acquisition [View article]
    solid article. Short and to the point. I agree with your earnings expectations as well considering dividends should grow due to its election to be taxed as a REIT.
    Feb 24, 2015. 07:05 PM | 2 Likes Like |Link to Comment
  • Keeping Up With The Contrarians [View article]
    Because of the upcoming Basel III regulations slated for full implementation by all banks in Q1'15, MSA's will be limited to 10% of Common Equity Tier 1 Capital. Furthermore, institutions are required to deduct all mortgage servicing assets (net of deferred tax liabilities) that exceed 10% of its common equity tier 1. Banks will have no choice but to sell their MSA's to non-bank servicers. In addition, the amount that is below the 10% threshold will receive a 100% risk weight (and eventually 250% beginning 2018). Look for massive growth in non-bank servicers in the next 5 years. The ABA is speculating that $1TRILLION of MSA's will be sold in the next 2-3 years. Tighten your seatbelts, this will be a bumpy ride. These regulations alone paint a very bullish picture for future shareholders. Their future earnings potential is unreal.
    Let ocwen clear some of their Agency MSRs off the books this year and temporary decrease their servicing book and they will resume their massive growth once the dust settles. Gluck.
    Feb 19, 2015. 01:54 AM | 3 Likes Like |Link to Comment
COMMENTS STATS
233 Comments
139 Likes