Key Developments: Ocwen Financial Corp (OCN)
41.15USD
24 May 2013
$0.14 (+0.34%)
$41.01
$40.76
$41.39
$40.65
1,917,538
2,150,010
$44.87
$15.58
Latest Key Developments (Source: Significant Developments)
Ocwen Financial Corp Purchases Liberty Home Equity Solutions From Genworth Financial Inc
Ocwen Financial Corp announced that it has completed the purchase of Liberty Home Equity Solutions (Liberty) from Genworth Financial Inc. Liberty will continue to offer reverse mortgages through direct, wholesale and correspondent channels. Full Article
Gleacher & Company Inc Announces Closing Of Clearpoint Sale To Ocwen Financial Corporation's Homeward Residential, Inc
Gleacher & Company Inc announced that it has closed the sale of substantially all of the assets of its ClearPoint subsidiary to Homeward Residential, Inc., a wholly owned subsidiary of Ocwen Financial Corporation pursuant to an agreement previously announced. Full Article
Ocwen Financial Corp Leads In Deal To Buy Ally Mortgage Rights-Reuters
Reuters reported that Ocwen Financial Corp is in the lead to buy mortgage servicing rights on $122 billion of loans from Ally Bank, three people familiar with the situation said. The deal is expected to be valued at around $1 billion and could be announced soon, said one of the sources, who declined to be identified because details of the auction are not public. Ally, the U.S. auto lender that is 74%-owned by the U.S. government, received five offers for the mortgage servicing rights and the outcome of the auction is not certain, the source said. The deal for ResCap is expected to close in the next few weeks, according to the source who said a deal for Ally's MSRs could be announced soon. Full Article
Bank of America Corp To Sell Rights To Service $300 Billion Loans; Ocwen Financial Corp, Nationstar Mortgage Holdings Inc And Walter Investment Management Corp, Among Buyers-Reuters
Reuters reported that Bank of America Corp is in talks to sell collection rights on $300 billion of mortgages. Ocwen Financial Corp, Nationstar Mortgage Holdings Inc and Walter Investment Management Corp are among the firms that are in talks to purchase a portion of the assets. Bank of America spokesman Dan Frahm said the Company does not comment on what he characterized as 'market rumor or speculation'. Representatives of Nationstar, Ocwen and Walter did not immediately respond. The assets that Bank of America is looking to sell is known as residential mortgage servicing rights. Full Article
Ocwen Financial Corp and Walter Investment Management Corp Win Bankruptcy Auction For Residential Capital LLC-Reuters
Reuters reported that Ocwen Financial Corp and Walter Investment Management Corp won a $3 billion bankruptcy auction for Residential Capital LLC's loan-servicing unit. Full Article
Ocwen Financial Corp Announces Acquisition Of Homeward Residential From WL Ross & Co.
Ocwen Financial Corp and private equity firm WL Ross & Co. LLC announced that they have entered into an agreement whereby Ocwen will acquire Homeward Residential Holdings, Inc., including its various residential mortgage loan servicing and origination operating subsidiaries, for approximately $588 million in cash and $162 million in Ocwen convertible preferred stock. Homeward services about 422,000 mortgage loans with an aggregate unpaid principal balance of over $77 billion. Its loan origination business includes correspondent and retail lending and is focused solely on high quality Agency-conforming mortgages. Joint financial advisors Barclays Capital and Citi Global Markets, Inc. provided Ocwen financial advisory and investment banking services as part of this purchase transaction. Kramer, Levin, Naftalis & Frankel, LLP were Ocwen's legal advisors; WL Ross was represented by Jones Day. Full Article
Ocwen Financial Corp. Completes Acquisition Of Commercial Servicing Assets Of Aurora Bank
Ocwen Financial Corp. announced that it has completed its acquisition of Aurora Bank FSB's commercial servicing rights portfolio, consisting of 3,316 loans with a total principal balance of approximately $1.8 billion. With the closing of this transaction, Ocwen continues the development of its commercial mortgage servicing platform. Full Article
Ocwen Financial Corp. Announces Appointment Of Certain Officers-US Fed News
US Fed News reported that On March 5, 2012, David Reiner, Director of Ocwen Financial Corporation (Ocwen), John P. Van Vlack, Executive Vice President, Chief Financial Officer (CFO) and Chief Accounting Officer of Ocwen and Richard Delgado, Senior Vice President and Treasurer of Ocwen, resigned their respective positions with Ocwen effective immediately. Effective March 5, 2012, John Britti, Ocwen's Executive Vice President, will become Executive Vice President and Chief Financial Officer. Full Article
Ocwen Financial Corp. Announces Pricing Of Public Offering Of Common Stock
Ocwen Financial Corp. announced that its public offering of 25 million shares of common stock was priced at $13.00 per share. All shares are being offered by the Company. The Company has also granted the underwriters a 30 day option to purchase up to 3.75 million additional shares of common stock from the Company to cover overallotments. The transaction is expected to close on November 16, 2011. J.P. Morgan Securities LLC, BofA Merrill Lynch and Citigroup Global Markets Inc. are acting as joint book-running managers for the common stock offering. Keefe, Bruyette & Woods, Inc. is acting as co-manager. Full Article
The Goldman Sachs Group, Inc. Completes Sale Of Litton Loan Servicing To Ocwen Financial Corporation
The Goldman Sachs Group, Inc. announced that it has completed the sale of Litton Loan Servicing to Ocwen Financial Corporation. Full Article
Ocwen to acquire Ally mortgage servicing rights
- The banking unit of Ally Financial, the bailed-out auto lender that is 74 percent-owned by the U.S. government, is selling the majority of its mortgage servicing rights portfolio to Ocwen Financial Corp for $585 million, Ally said on Tuesday.
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