Struggling Gleacher Finds Buyer For Mortgage Loan Biz

Law360, New York (February 15, 2013, 12:03 PM ET) -- Gleacher & Co. Inc. will hand over its mortgage-lending unit to an Ocwen Financial Corp. subsidiary, it said Friday, the same day the flagging investment bank announced it would drop prospective plans to sell itself or merge.

The boutique firm founded by Wall Street stalwart Eric Gleacher, based in New York since it was launched more than two decades ago, had been eyeing buyers for ClearPoint Funding Inc. since November. The firm did not disclose Ocwen's purchase price or give a financing breakdown, saying only that...
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