Sidley Guides Nationstar's $63B Mortgage Servicing Rights Buy

Law360, New York (March 6, 2012, 7:34 PM EST) -- Nationstar Mortgage LLC and its real estate finance affiliate Newcastle Investment Corp. will pay $170 million to a subsidiary of bankrupt Lehman Brothers Holdings Inc. for the rights to service a $63 billion pool of securitized mortgages, the companies said Tuesday.

Newcastle, a publicly listed REIT, will acquire 65 percent of the excess mortgage-servicing rights from Aurora Bank FSB. Nationstar will own the other 35 percent and will service the underlying loans in the whole portfolio, the companies said.

Lehman Brothers, whose historic Chapter 11 process...
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