Something strange is going on here and it looks like a complete set up… Don’t ask me why it just seems like risky business.
The M Report–
JPMorgan Chase & Co. has a buyer for $15 billion in mortgage servicing rights from the financial institution, with the announcement that Ocwen Financial Corp. would purchase the bank’s MSRs for a rumored $950 million. Ocwen’s acquisition follows the company’s decision to raise $375 million in new equity through offering 25 million shares of public common stock.
The equity transaction is set to close on November 16, prior to the finalization of the MSR deal with JPMorgan, and Ocwen’s public common stock will be priced at $13 per unit. The company has previously stated that it intended to use proceeds from the sale to purchase JPMorgan’s MSRs, and that acquisition will close on January 1, 2012.