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Altisource Executes Non-Binding Letters Of Intent With Ocwen Financial Corporation To Purchase Certain Fee-Based Businesses Of Homeward Residential And Residential Capital

Stocks in this article: ASPS

In connection with the proposed transactions, Altisource and Ocwen will execute a five-year extension until 2025 of certain existing services agreements. Additionally, Ocwen will not develop similar fee-based services that would directly or indirectly compete with the services provided by Altisource to the Homeward Residential Holdings, Inc. and Residential Capital, LLC servicing portfolios. The proposed purchase price is subject to working capital and other adjustments, and consummation of the transactions is subject to a number of contingencies that are customary for a transaction of this nature, including various third party and regulatory consents and approvals. The purchase of the ResCap Fee-Based Businesses is also subject to Ocwen's closing of the underlying acquisition of the mortgage servicing platform from Residential Capital LLC, which is expected later in February 2013.

Forward-Looking Statements

This press release contains forward-looking statements that involve a number of risks and uncertainties. Those forward-looking statements include all statements that are not historical fact, including statements about management's beliefs and expectations and the expected impact of the proposed acquisitions. Forward-looking statements are based on management's beliefs as well as assumptions made by and information currently available to management. Because such statements are based on expectations as to future performance and are not statements of historical fact, actual results may differ materially from those projected. Neither Altisource nor Ocwen undertakes any obligation to update any forward-looking statements whether as a result of new information, future events or otherwise. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to: the ability of the parties to successfully negotiate definitive agreements; the possibility that the terms of definitive agreements may differ materially from the terms currently contemplated, the ability of the parties to meet required closing conditions under the definitive agreements; risks inherent in integrating acquired businesses; the ability of Ocwen to meet its covenants under the definitive agreements; the possibility that that the operating performance of the businesses to be acquired may perform at a lower level than expected, the impact of general economic and market conditions; governmental regulations, taxes and policies; the availability of adequate and timely sources of liquidity; and other risks and uncertainties detailed in the "Forward-Looking Statements," "Risk Factors" and other sections of the Form 10-K and other filings of Altisource and Ocwen with the Securities and Exchange Commission.

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