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...Last February, for example, it began a public correspondence with Ocwen Financial, the non-bank mortgage servicing company which was rapidly picking up assets from the banks, detailing concerns over its...
...Some customers were charged for the service but never authorised the process as is required by law and hence never received the benefits....
...The company sold billions of dollars worth of home loans and mortgage servicing rights to buyers including Ocwen Financial and Berkshire Hathaway....
...Walter, Nationstar and Ocwen Financial snapped up MSRs from their much larger bank competitors to achieve their improved industry ranking....
...The ResCap business includes the rights to service more than 2m mortgages with an outstanding value of about $374bn, Ocwen said....
...The company services 422,000 home loans with an unpaid balance of more than $77bn, collecting payments from borrowers as well as originating new loans....
...The successful auction follows the sale of ResCap’s mortgage servicing business to Ocwen Financial for $3bn on Wednesday after it won a bidding war with Nationstar Mortgage....
...Ocwen Financial and NationStar Mortgage will compete for the chance to buy the business at the Sheraton Hotel in New York. They have both valued the ResCap rights at around $2.5bn....
...Non-banks have purchased the right to service more than $365bn of unpaid debt in the past two years and Fortress Investment Group, a private equity and hedge fund group, predicts non-banks could service...
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