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Ocwen Financial in Atlanta has agreed to buy Homeward Residential Holdings from WL Ross & Co. for $750 million in cash and stock.
October 3 -
Ocwen's agreement to buy $78 billion in mortgage servicing rights from OneWest is part of a string of deals by it and other nonbanks meant to wring value from remnants of the mortgage meltdown that many banks seek to unload.
June 14 -
Ally Bank continued its retreat from home lending by agreeing Tuesday to sell a portfolio of mortgage servicing rights to Ocwen Financial Corp. (OCN) for roughly $585 million.
March 12 -
Ocwen Financial (OCN) has completed its purchase of the reverse mortgage lender Liberty Home Equity Solutions from Genworth Financial (GNW).
April 3
Ocwen Financial (OCN) in Atlanta has retired approximately $159 million of debt held by a private-equity backer.
The mortgage servicer has retired 100,000 of the 162,000 preferred shares held by the private-equity firm WL Ross, it announced Tuesday. The shares were converted to common stock and immediately repurchased, Ocwen said.
In addition, Ocwen amended its bank credit facility to allow it to repurchase the rest of the preferred stock and to buy back up to $1.5 billion in common stock. The amendments would also eliminate a cap on Ocwen's debt and change how Ocwen's collateral is calculated.
"As we have said publicly, we believe that our cash-generating capability and debt capacity are sufficient to fund substantial growth and return earnings to our shareholders in the form of stock repurchases," Bill Erbey, Ocwen's executive chairman, said in a news release. "We view the amendment ... and the opportunity to make this repurchase from WL Ross & Co. as consistent with our long-term plans."
Ocwen issued $162 million of preferred stock to WL Ross as part of its
Ocwen has been
