JPMorgan to Buy $45 Billion of Ocwen’s Loan-Servicing Rights

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JPMorgan to Buy $45 Billion of Ocwen’s Loan-Servicing Rights

JPMorgan to Buy $45 Billion of Ocwen’s Loan-Servicing Rights

Just going to blow right up in their faces AGAIN and I betcha the taxpayers are going to get the bill.

 

Bloomberg-

JPMorgan Chase & Co., the second-biggest servicer of U.S. mortgages, agreed to buy the right to manage about $45 billion in home loans from Ocwen Financial Corp. starting June 1.

The deal involves servicing rights for 266,000 mortgages owned by Fannie Mae, the New York-based bank said Thursday in a statement that didn’t disclose terms. Bloomberg reported in March that JPMorgan was acquiring the rights.

The agreement will bring JPMorgan’s portfolio for overseeing billing, collections and foreclosures on U.S. mortgages to about $1 trillion, a threshold last exceeded in the fourth quarter of 2013. Its $948.8 billion loan-servicing portfolio as of Dec. 31 trailed only Wells Fargo & Co.’s $1.75 trillion, according to data compiled by Bloomberg.

[BLOOMBERG]

image: Reuters

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One Response to “JPMorgan to Buy $45 Billion of Ocwen’s Loan-Servicing Rights”

  1. What does CFPB (Cordry) have to say about this. What does this meal to all od us waiting some results from the $2bil fraud penalty, and the other $150 Mill? I have been rippiped for since 2009.

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