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Ocwen Financial Corp To Buy $78 Billion In Mortgage Servicing Rights-DJ

Thursday, 13 Jun 2013 04:33pm EDT 

Dow Jones reported that Ocwen Financial Corp has agreed to buy about $78 billion in unpaid principal balance of mortgage servicing rights, or MSRs, and related servicing advance receivables from OneWest Bank, the Company said in a regulatory filing. The deal, between Ocwen Loan Servicing LLC and federal savings bank OneWest Bank, carries an aggregate purchase price of about $2.53 billion. Pasadena, Calif.-based OneWest Bank is owned by OneWest Bank Group LLC, a thrift holding company owned by a consortium of private investors. Ocwen said it intends to finance the purchase with a combination of cash on-hand, cash generated through operations and available credit. The deal is expected to close in stages during the second half of this year. 

Company Quote

0.7 +2.55%
11:26am EDT