We have enormous respect for Nierenberg and his team, but wonder why they don't make some obvious adjustments in the business model. For example, NLY has 20% of its capital in agency MSRs and focuses on agency mortgages and MBS, RITM has one of the largest MSR portfolios in the industry and yet is transitioning away from residential mortgages in pursuit of a multi-asset strategy. The result is a business profile that is a challenge to define...
