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

|About: Ocwen Financial Corporation (OCN)|By:, SA News Editor

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)