One trader takes advantage of the selloff in mortgage REITs (REM, MORT) to pick up 3 names - not...
One trader takes advantage of the selloff in mortgage REITs (REM, MORT) to pick up 3 names - not mREITs, but brought down simply by association. New Residential (NRZ) - recently spun off from Newcastle (NCT) - has a large portfolio of mortgage servicing rights which actually increases in value as interest rates rise. PennyMac Mortgage (PMT) has a large distressed loan business already with hidden value and that should benefit as the economy improves. NorthStar Realty (NRF) is a "hodge-podge" of commercial lending businesses which could benefit from spinoffs and/or clarification of how certain units make money.
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