Seeking Alpha

WSJ: NY regulator to halt Ocwen-Wells Fargo Deal

  • Ocwen Financial (OCN -9.5%) sinks after WSJ reports New York financial services superintendent Ben Lawsky has halted indefinitely the $2.7B deal to purchase mortgage servicing rights from Wells Fargo (WFC +0.2%) due to concerns over Ocwen's ability to handle more loans.
  • The deal, announced last month, would have given OCN the right to service ~$39B worth of loans.
  • Other mortgages servicers are dropping too: NSM -3.9%, WAC -3.6%.
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Comments (1)
  • Matthew Mazurczak
    , contributor
    Comments (1364) | Send Message
     
    Analysts have already upgraded OCN as a result of the move. There is no indication OCN does not have the capacity to service the loans. Strong buy here.
    6 Feb 2014, 09:51 PM Reply Like
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