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Ocwen Financial Selling The Rights To Its Residential Mortgage Service to Green Tree For $9.6 Billion

Ocwen Financial Corp. is selling residential mortgage servicing rights to Green Tree Loan Servicing LLC. for $9.6 billion. Green Tree is a subsidiary of Walter Investment Management Corp. The portfolio has about 55,000 loans owned by Freddie Mac.

The deal is still subject to approval by Freddie Mac and FHFA and other customary conditions. The sale is expected to close by April 30 2015 and the loan servicing to transfer in May 2015.

Ocwen’s CEO, Ron Faris said, “We are pleased with the progress we are making on executing our plan. Over the next several months, we expect to generate proceeds of at least $650 million from sales and transfers of mortgage servicing rights. We are also committed to ensuring a smooth and accurate transfer of information to the buyers of these mortgage servicing rights.”