Ocwen's $3B Bid For ResCap Servicing Biz Tops Nationstar

Law360, New York (October 24, 2012, 5:33 PM EDT) -- Georgia-based mortgage loan servicer Ocwen Financial Corp. on Wednesday beat out stalking horse Nationstar Mortgage Holdings Inc. with a $3 billion bid for the mortgage servicing and origination platform of bankrupt real estate finance firm Residential Capital LLC.

In a brief statement, ResCap dubbed the $3 billion proposal — which Ocwen Loan Servicing LLC submitted in partnership with Tampa, Fla.-based asset manager and mortgage servicer Walter Investment Management Corp. — the “highest and best” offer it had received for a servicing portfolio that, according to court...
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