PFSI - New Residential's Transformation Is Now Complete. Here's How It's Changed
The COVID-19 crisis wreaked havoc on the mortgage real estate investment trust (REIT) sector, and most companies in the sector have had to write down book value and cut their dividends. For the most part, the agency REITs that specialize in mortgages guaranteed by the U.S. government were able to maintain their business models, but those that concentrate outside the government-guaranteed space have had to change their investment strategies.
Mortgage REIT New Residential (NYSE: NRZ) was one of those companies, and it has made possibly one of the biggest transformations.
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