LAW360-
Ocwen Financial Corp. has agreed to buy rival mortgage servicer PHH Corp. for $360 million in cash, the companies announced Tuesday, just weeks after the D.C. Circuit rejected PHH’s constitutional challenges to the structure of the Consumer Financial Protection Bureau.
As part of the all-cash deal, the companies said, Ocwen will also assume $119 million of PPH’s debt. In a separate announcement, PHH said its shares would no longer be listed on the New York Stock Exchange after the close of the deal, which is expected in the second half of the year.
“The combination of Ocwen and PHH will result in a strong nonbank mortgage servicer with a robust servicing capability,” Ocwen President and CEO Ronald M. Faris said in the announcement. “Ocwen will significantly benefit from PHH’s experienced workforce and their expertise on the MSP servicing platform. We look forward to the opportunity to provide our industry-leading capabilities to PHH’s customers and servicing clients.”
[LAW360]
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