Ocwen To Pay $750M To Acquire Mortgage Co. From WL Ross

Law360, New York (October 3, 2012, 1:12 PM EDT) -- Ocwen Financial Corp. has agreed to pick up mortgage loan servicer Homeward Residential Holdings Inc. in a cash and stock deal worth about $750 million from private equity owner WL Ross & Co. LLC, the companies announced Wednesday. 

The deal gives WL Ross about $588 million in cash and another $162 million in convertible preferred stock of Ocwen, according to the companies. In return, the acquisition is expected to boost Ocwen's own loan servicing and origination capabilities, they said.

Pending regulatory approvals,  the deal is expected...
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