A Florida thrift and finance company has abandoned plans to buy a bank or thrift in California, finding the prices too steep.

Ocwen Financial Corp., West Palm Beach, had sought to get its hands on cheap deposits to fund its purchases of subperforming commercial and residential loans. The $2.6 billion-asset company, a major buyer of such portfolios across the nation, currently uses expensive wholesale deposits and some borrowings to fund lending and servicing.

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