Ocwen Financial Inks $360M Cash Deal For Rival PHH

Law360 (February 28, 2018, 4:20 PM EST) -- Ocwen Financial Corp. has agreed to buy rival mortgage servicer PHH Corp. for $360 million in cash, the companies announced Tuesday, just weeks after the D.C. Circuit rejected PHH’s constitutional challenges to the structure of the Consumer Financial Protection Bureau.

As part of the all-cash deal, the companies said, Ocwen will also assume $119 million of PPH’s debt. In a separate announcement, PHH said its shares would no longer be listed on the New York Stock Exchange after the close of the deal, which is expected...
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