Ocwen swings to profit, buys Saxon Mortgage Services

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It’s a risky strategy for Atlanta-based Ocwen: Wringing a profit out of distressed subprime customers that nearly felled some of the largest New York banks. On Monday, Ocwen said it would buy.

Ocwen Loan Servicing Discharge and FDCPA Violations June 2013- OneWest Bank sold $78 billion in mortgage servicing rights to Ocwen; october 2012- homeward residential sold $77 billion (about 422,000 mortgage loans) in mortgage servicing rights to Ocwen; October 2011- Morgan Stanley sold Saxon Mortgage Services, Inc. with $26.6 billion in mortgage servicing rights to Ocwen.

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Morgan Stanley (NYSE: MS) today announced the sale of Saxon Mortgage Services, Inc., a provider of servicing and subservicing of residential mortgage loans, to ocwen financial corporation (ocn). ocwen has agreed to acquire Saxon for the base purchase price of $59.3 million, plus an estimated $1.4 billion for servicing advance receivables.

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Low bond yields generally encourage profit-hungry investors to buy stocks. said a mortgage division had abused consumers in the foreclosure process. Morgan Stanley has since sold the division,

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Also in 2012, Ocwen bought Litton Loan Servicing from goldman sachs group Inc. (GS), and Saxon Mortgage Services from Morgan Stanley (MS). In May this year, Ocwen reported that its first-quarter net income increased to $42.58 million or $0.31 per share from $19.35 million or $0.14 per share in the year-ago period.

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