Ocwen, Walter get bankruptcy court approval for purchase of ResCap businesses Ocwen Loan Servicing, the mortgage servicing arm of Ocwen Financial (OCN), and its joint bidding partner Walter Investment Management (WAC), received approval from the U.S. Bankruptcy Court for the Southern District of New York to complete their purchase of the mortgage servicing and origination businesses from Residential Capital and certain of its affiliates pursuant to the previously announced Asset Purchase Agreement dated November 2. The sale to Ocwen and Walter for a purchase price of approximately $3B was recommended to the court by ResCap's board and management and supported by the unsecured creditors' committee. The transaction is expected to close in the first quarter of 2013.
News For OCN;WAC From The Last 14 Days
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