LEWISVILLE, Texas--(BUSINESS WIRE)--Nationstar Mortgage Holdings Inc. (NYSE:NSM) (“Nationstar”) announced today that it has decided not to further increase its bid in the bankruptcy auction for the servicing assets of Residential Capital, LLC and related entities (collectively, “ResCap”).
Nationstar CEO Jay Bray said, “Price matters. Obviously we are disappointed in the outcome of the auction, but in the end our judgment was that the price of the assets would not represent a compelling investment opportunity for us.”
“Currently, there are many sizeable opportunities in this sector and we are intensely focused on capitalizing on transactions that both grow our franchise and deliver attractive returns to our shareholders.”
Nationstar’s stalking horse designation entitles the company to a break-up fee.
About Nationstar Mortgage Holdings Inc.
Based in Lewisville, Texas, Nationstar currently services over one million residential mortgages totaling $193 billion in unpaid principal balance. In addition, Nationstar operates an integrated loan origination platform, enabling Nationstar to mitigate servicing portfolio run-off and improve credit performance for loan investors. Nationstar currently employs approximately 4,000 people, entirely based in the United States.
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