US Objects To Ocwen's $3B Bid For ResCap Servicing Biz

Law360, New York (November 6, 2012, 3:27 PM EST) -- The U.S. on Monday objected to mortgage loan servicer Ocwen Financial Corp.’s $3 billion bid for the mortgage servicing and origination platform of bankrupt real estate finance firm Residential Capital LLC, saying Ocwen needs to honor ResCap’s part of a $25 billion settlement with the government.

Ocwen needs to take over ResCap’s obligations in the settlement with the U.S. and 49 state attorneys general, which in addition to cash payments to governments and relief to borrowers included broad reforms designed to reduce consumer confusion, improve service...
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