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Tuesday, Aug 14
2012, 11:14 PM
Nationstar Mortgage (NSM +9.1%) soars following earnings as management expresses confidence it...
Nationstar Mortgage (NSM +9.1%) soars following earnings as management expresses confidence it will win the battle for ResCap's servicing portfolio (at a reasonable price). The ResCap acquisition would about triple Nationstar's UPB (unpaid portfolio balance) to $550B. Key dates: Bids submitted by mid-October, auction commences Oct. 23, sale approved by court mid-November, regulatory approval by year's end, and closing in January 2013. Woe to NSM if it doesn't win.