Ocwen Marks $2.5B For OneWest Mortgage-Servicing Rights

Law360, New York (June 14, 2013, 4:42 PM EDT) -- A unit of Ocwen Financial Corp. put up $2.53 billion for a portfolio of mortgage-servicing rights held by California's OneWest Bank, it said late Thursday, adding to a string of acquisitions that has fueled substantial growth and piled onto the company's share value.

Under the deal's terms, Ocwen will grab a bundle of mortgage-servicing rights that carry an unpaid principal balance of roughly $78 million, according to a securities filing. The transaction covers $446 million in respect of the servicing rights and $2.1 billion for the...
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