Skip to main content

Goldman to Unload Servicing Giant Litton for $264M to Ocwen

NationalMortgageProfessional.com
Jun 06, 2011

The Goldman Sachs Group Inc. has announced that it has agreed to sell Litton Loan Servicing to Ocwen Financial Corporation for approximately $264 million. The sale price does not reflect certain assets that Goldman Sachs will retain. Goldman Sachs does not expect the sale to have any material impact on earnings in the second quarter due to the combination of the sales price and the impairment charge announced in the first quarter of 2011 primarily related to Litton. Ocwen also agreed to pay off $337.4 million in Litton Loan Servicing LP debt to Goldman, with the assistance of a new $575 million loan from Barclays, which advised Ocwen on the deal. The deal gives Ocwen Financial Corporation a mortgage servicing portfolio of approximately $41.2 billion, mostly in sub-prime mortgages. Goldman Sachs reported $220 million in expenses in the first quarter of 2011, mostly related to Litton Loan Servicing assets held for sale.  
Biden Appoints Sandra Thompson As Acting Director Of The FHFA

The White House appointed Sandra L. Thompson as acting director of the Federal Housing Finance Agency (FHFA), effective immediately. Her statement reveals that a permanent director will be confirmed in December.

Regulation and Compliance
Jun 24, 2021
Supreme Court Gives Biden Full Control Over FHFA

The U.S. Supreme Court gave President Joe Biden the authority to remove the head of the Federal Housing Finance Agency (FHFA) while dismissing claims from shareholders of Fannie Mae and Freddie Mac.

Industry News
Jun 23, 2021
Ocwen Financial To Acquire Reverse Mortgage Servicing Platform

Ocwen Financial Corporation's wholly-owned subsidiary, PHH Mortgage Corporation will acquire RMS' reverse mortgage servicing platform.

Industry News
Jun 18, 2021
UniteCT Emergency Rental Assistance Succeeds

Thanks to the successful launch of the UniteCT program, emergency rental assistance funds are helping Connecticut residents maintain housing.

Industry News
Jun 17, 2021
Angel Oak Mortgage Announces Initial Public Offering

Angel Oak Mortgage announced its initial public offering of 7,200,000 shares of its common stock at $19 per share.

Industry News
Jun 17, 2021
Mortgage Apps Rebound After Three Consecutive Weeks Of Declines

The Mortgage Bankers Association reported the first increase in mortgage applications after a three consecutive weeks on declines.

Industry News
Jun 17, 2021