Ocwen to Sell $9.6 Billion of Servicing Rights to Green Tree

Be careful what you wish for… Never say “it can’t get any worse than this…”

Justice League

On a side note: Green Tree is part of the Walter Investment Management group. Green Tree’s sister companies are ditech, Security 1 Lending, and Reverse Mortgage Solutions.

Ocwen Loan Servicing, a subsidiary of Ocwen Financial Corporation, and Green Tree Loan Servicing, for the sale by Ocwen of an Agency mortgage servicing rights portfolio with a total principal balance of $9.6 billion, according to an announcement from Ocwen on Wednesdaymorning.

According to Ocwen, the portfolio consists of approximately 55,000 performing loans owned by Freddie Mac. The transaction is subject to approval by Freddie Mac and its conservator, the Federal Housing Finance Agency (FHFA), as well as other customary conditions. Ocwen reported that it expects the transaction to close by April 30, 2015, and expects the loan servicing to transfer in May 2015.

“We are pleased with the progress we are making on executing our plan,” Ocwen CEO…

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