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Altisource Portfolio down another 10% on concern about Ocwen business

  • It's another rough session for Altisource Portfolio Solutions (ASPS -10.2%) as investors mull the idea of the company losing the majority of its business should New Residential (NRZ -0.3%) acquire full ownership of $117B UPB of MSRs from Ocwen Financial (OCN -6.8%).
  • Seeking Alpha contributor SM LLC says the "disaster scenario" for ASPS is unfolding.
  • Altisource bulls, however, point to contracts (I, II) saying Ocwen must retain ASPS for property preservation services so long as Ocwen services the mortgages (which the company will continue to do under a sale to NRZ).

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Altisource Portfolio Solutions S.A.