$OCN @Tilran There is no rule that an offer to buy out OCN has to be at a premium to BV. Am I missing some agreement somewhere? As long as the Board and mgmt agrees to a deal, even a 100% premium over current price will still be a discount to BV. Most investors would even be willing to take a tender for below BV since there is no chance this trades at BV anytime soon. COOP does not trade at BV last I checked. CFPB matter does not matter in my buyout scenario. A fund would be doing it for the discount to BV and servicing capabilities. At worst, they can structure an escrow for potential unreserved penalties. This whole thread is totally hypothetical. I appreciate the thoughts and counterarguments.