Cleary Reps Goldman In $264M Litton Sale

Law360, New York (June 6, 2011, 2:26 PM EDT) -- Goldman Sachs Group Inc. on Monday announced the $264 million sale of its embattled subprime mortgage servicer Litton Loan Servicing LP to Ocwen Financial Corp.

Ocwen will pay Goldman $263.7 million in cash as well as $337 million to retire Litton's outstanding debt to another Goldman unit and provide financing for about $2.47 billion in loan servicing advances, according to Ocwen’s 8-K filing with the U.S. Securities and Exchange Commission.

Litton, like many other subprime mortgage servicers, has drawn fire for its foreclosure and servicing practices,...
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