Reuters-
A team of Ocwen Financial Corp and Walter Investment Management Corp won a $3 billion bankruptcy auction for a unit of Residential Capital LLC that collects mortgage payments from customers, ResCap said on Wednesday.
The sale will raise money for bankrupt ResCap which is looking to repay creditors including its parent, auto lender Ally Financial Inc.
Ocwen has been serially acquiring companies that collect payments on subprime mortgages, known as servicers, as banks and private equity firms look to shed them. The businesses can bring legal headaches, but can also bring profits as the housing market recovers.
[REUTERS]
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I want to see headlines that say “Ocwen locked up for fraudulent foreclosure practices and Robo-signing”. Instead they are getting bigger when they should be shut down.