Ocwen swings to profit, buys Saxon Mortgage Services

In April 2012, Ocwen closed on the purchase of approximately $22 billion of mortgage servicing rights from Saxon Mortgage Services, a unit of Morgan Stanley. Saxon mortgage signed consent orders with federal regulators because of its mortgage loan servicing practices.

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Foreclosure Relief for Homeowners With Ocwen Mortgages Ocwen, which is the largest non-bank mortgage servicer in the country, had to pay certain borrowers money under a national mortgage settlement. By Amy Loftsgordon , Attorney

In April 2012, Ocwen closed on the purchase of approximately $22 billion of mortgage servicing rights from Saxon Mortgage Services, a unit of Morgan Stanley. Saxon Mortgage signed consent orders with federal regulators because of its mortgage loan servicing practices.

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.

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Ocwen loan services LLC Ocwen agreed on Oct. 19 to purchase Saxon Mortgage Services from Morgan Stanley ( MS – Get Report) for $59.3 million, in a deal expected to close during the first quarter of 2012. Ocwen will take.

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ATLANTA (AP) — Ocwen Financial Corp. said Thursday that its first-quarter profit fell 13 percent. In April, Ocwen closed deals to buy goldman sachs’ litton loan-servicing subsidiary and Morgan.