Ocwen to Sell $9.6 Billion Mortgage Servicing Rights to Walter Investment’s Green Tree Loan Servicing LLC

Ocwen

Ocwen to sell $9.6 billion mortgage servicing rights to Walter unit

(Reuters) – Ocwen Financial Corp (OCN.N) said it was selling residential mortgage servicing rights worth $9.6 billion to a subsidiary of Walter Investment Management Corp (WAC.N).

The deal is the latest in a series of steps by Ocwen to slim down its operations amid regulatory scrutiny over its business practices.

Ocwen, which delayed filing its full-year results, also said it was reviewing the ability of its affiliate, Home Loan Servicing Solutions Ltd (HLSS.O), to meet obligations to fund new servicing advances.

A failure by HLSS could hurt Ocwen’s financial condition, the company said in a filing.

The sale comes close on the heels of Ocwen’s deal to offload mortgage servicing rights on $45 billion of Fannie Mae (FNMA.OB) loans. Bloomberg reported on Tuesday that the buyer was JPMorgan Chase & Co (JPM.N).

Ocwen also sold servicing rights on loans worth $9.8 billion to Nationstar Mortgage Holdings Inc (NSM.N) in February.

The transaction with Green Tree is expected to close by April 30.

Full report here…

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Comments
7 Responses to “Ocwen to Sell $9.6 Billion Mortgage Servicing Rights to Walter Investment’s Green Tree Loan Servicing LLC”
  1. neidermeyer says:

    This is WRONG… Do the math people $9.6B divided by 55,500 notes is about $173,000 per mortgage ,,, FOR SERVICING RIGHTS! OCWEN is not selling servicing rights ,, they were buying failed MBS’s at a huge discount (by now they’ve gone through a few owners) , pretending to service for some other entity..

    Servicers get what 1% or 2% of the monthly payment… This makes no sense whatsoever.

    This is proof positive that the entities claiming to be the holders of the note are false.

  2. bollivar4 says:

    Bank of America dumped servicing to Green Tree after admitting all the fraud done as my servicer. Green Tree uses Mafia like tactics on home owners. Green Tree hired Safeguard Properties to intimidate me into moving out of my house before the foreclosure of default. They also paid off the local chancery judge to rule against me.

    • Jake says:

      Green Tree forged my mortgage note and I have proof that their lawyers participated in exparte communications w/the judge. Despicable, truly.

  3. Technical term is ‘liquidity death spiral.’ The officers are cleaning out the piggy bank, before Chapter 11. Couldn’t happen to a nicer bunch.

  4. Ocwen is a big mortgage Florida mortgage servicing company.

    • neidermeyer says:

      “Ocwen is a big mortgage Florida mortgage servicing company.” …. True enough as far as that statement goes ,,,, BUT ,, They are servicing fully paid off mortgages sold to them out of Maiden Lane II and by purchasers of MBS’s that were sold prior to the creation of ML2.. such as the Option One sale closed exactly 7 years prior to the closing date of this announced sale , April 30 2008…

      Their business model is to collect the monthly payments as long as they can,, with no real party with a valid claim to the cash flow they keep it all , funneling it to the ex CEO’s caribbean bank accounts ,, and then foreclose to collect in full for (at a minimum) the second time payment in full and use their affiliate companies to skim all they can off the default sale….

      According to this press release they sold mere servicing rights for $173k per note!! That’s all the evidence you need to see that they are hiding the fact that the original HiDC is out of the picture and that they are the beneficiary/HiDC ….

      How many tens of thousands of foreclosures have they been the Plaintiff party in where they claim to be the mere servicer and show the original HiDC who was dispossessed of any role as long ago as 2007 as the actual plaintiff to scam the courts?

      This is corruption and fraud on a truly massive scale… and it’s all right here right now in front of us.

      Anyone currently in litigation should bring this up as an argument backing discovery…

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