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Ocwen Financial (OCN) cuts a deal to buy Wilbur Ross' mortgage servicing and origination firm,...

Ocwen Financial (OCN) cuts a deal to buy Wilbur Ross' mortgage servicing and origination firm, Homeward Residential Holdings, for $588M in cash and $162M in convertible preferred stock. Homeward has an unpaid portfolio balance (UPB) of more than $77B and a "growing" origination business of $10B annually. Shares +5.8% premarket. (PR)
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