Corrected, as Ocwen did not acquire Saxon Mortgage Services, but rather acquired a $6.9 Billion mortgage servicing portfolio from Saxon in 2010. Updated with the deal announced Monday between Goldman Sachs and Ocwen.
WEST PALM BEACH, Fla. ( TheStreet) -- Ocwen Financial's (OCN) is purchase of Litton Loan Servicing from Goldman Sachs (GS) is just another sign that these are the best of times for a company that specializes in servicing distressed mortgage portfolios.
Goldman Sachs announced Monday it had agreed to sell the Litton unit to Ocwen for $264 million in cash, but that the price didn't reflect certain assets that Goldman would retain.
Ocwen said that it would pay roughly $337.4 million "to retire a portion of the outstanding debt on an existing advance facility currently provided by an affiliate of
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV