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Morgan Stanley To Sell Saxon To Ocwen, Exits Subprime Mortgage Servicing

By Brett Philbin Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- Morgan Stanley (MS) agreed to sell Saxon Mortgage Services, its mortgage-servicing unit, to Ocwen Financial Corp. (OCN), in a long-awaited deal that ends the investment bank's foray into subprime mortgage servicing. The $59.3 million sale, including an estimated $1.4 billion in servicing advance receivables outstanding, marks the firm's latest effort to shed non-core operations and exit mortgage operations purchased prior to the financial crisis. Morgan Stanley said the transaction won't have a material impact on its financial results. The deal, scheduled to close in the first quarter of 2012, will reduce Morgan Stanley's firm-wide headcount by 1,200, according to a person familiar with the situation. The investment bank reported 62,648 employees as of Sept. 30. The transaction will also modestly reduce Morgan Stanley's risk-weighted assets, an important measure used to calculate a bank's key capital ratios, free up capital and give the firm a liquidity boost, this person said. Morgan Stanley bought Saxon in 2006 for $706 million, when banks were looking to boost their stakes in subprime lenders and servicers. But the housing market crash meant banks took large writedowns on many of these businesses. For Ocwen, the deal is its latest move to beef up its mortgage-servicing operations. In September, Ocwen bought Goldman Sachs Group Inc.'s (GS) Litton Loan Servicing unit for $264 million. Shares of Morgan Stanley closed up 0.8% at $17.15 and gained 0.2% in after-hours trading. -By Brett Philbin, Dow Jones Newswires; 212-416-2173; brett.philbin@dowjones.com

Stock News for Ocwen (OCN)
DateTimeHeadline
04/24/201519:00:02Why Ocwen Financial Corp Is Getting Rid of this $89 Billion Portfolio
04/23/201517:21:43Why Shares of Altisource Portfolio Solutions S.A. Surged Today
04/23/201513:46:21Ocwen Financial Corporation Schedules Conference Call - 1st Quarter...
04/20/201511:00:00Ocwen Hosts Sixth Annual Housing Advocacy Forum and Policy Luncheon
04/20/201508:20:02Current Report Filing (8-k)
04/17/201517:42:25Ocwen Financial Announces Amendment to Senior Secured Term Loan
04/14/201523:01:19Ocwen Reports Preliminary $598.4 Million Loss
04/14/201508:15:31Current Report Filing (8-k)
04/14/201507:54:05Ocwen +2.3% after preliminary results, positive outlook
04/14/201507:30:00Ocwen Financial Announces Preliminary Operating Results for Fiscal...
04/10/201517:09:49Current Report Filing (8-k)
04/07/201513:48:43Ocwen Financial Corp Shares Pop as HLSS Deal Terms Change
04/06/201520:26:48Ocwen Affiliate Calls Off Merger With New Residential
04/06/201517:29:43Current Report Filing (8-k)
03/26/201517:13:06Current Report Filing (8-k)
03/26/201505:41:39Altisource Portfolio Solutions: More Pain Ahead
03/24/201508:40:51Ocwen to Sell Additional $25 Billion Portfolio to Nationstar
03/24/201508:31:49Ocwen to Sell Added $25 Billion in Mortgage Servicing Rights...
03/24/201508:19:37Ocwen to Sell Additional $25 Billion in Mortgage Servicing Rights...
03/24/201507:30:56Ocwen selling more MSRs to Nationstar; NYSE warns on delisting

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