KKR sold off some of its mortgage holdings, reportedly - a cool $5.1 billion. It cost them $40 million dollars. Also, they've got a little 'facility' on the side with $200 million in the caddy, which is probably a mortgage REIT.
Of course, one has to ask what the blazes KKR was doing financing the mortgage business...
On the other hand, 40 million is hardly a sizable haircut, right? That's good news, generally (if the prices we see are the ones that are important).
For those looking for snappy ideas, maybe check out 50-year mortgage insurer, MGIC, (NYSE: MTG). Big, fat kitty and 50 years of experience. They will survive, right? Trick, I guess, is to get them at the right price.
Here's something interesting from their last annual report:
"Mortgage insurance penetration should continue to rebound as our most formidable competitor of these past few years, piggybacks, lose favor and underwriting standards are tightened." Maybe no boost to near-term prospects, but "the business" isn't going away, eh?
I don't know about their joint ventures - maybe that is part of the reason why folks are still down on them, since it could turn into a drawn-out legal fight?