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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
11/13/201419:27:16Ocwen, Wells Fargo End Servicing Rights Deal That Was on 'Indefinite...
06/17/201409:24:06U.S. Hot Stocks: Hot Stocks to Watch
05/14/201415:23:10Big Banks Meet Compliance Standards of Mortgage Settlement...
05/14/201410:30:40Three Banks Meet Standards of Mortgage Settlement
05/08/201415:10:24Banks Still Selling Mortgage-Servicing Portfolios
05/08/201414:48:14Banks Move Forward With Selling Mortgage-Servicing Portfolios--Update
05/01/201418:48:16Ocwen Financial Profit Misses Estimates, Shares Decline -- 3rd...
04/21/201417:23:07New York Ramps Up Ocwen Probe
03/05/201412:50:15New York Regulator Sends Letter To Nationstar
03/05/201412:30:11New York Regulator Sends Letter To Nationstar About Mortgage...
02/27/201409:01:33Ocwen Earnings Rise 60%
02/26/201413:40:10N.Y. Regulator Probing Ocwen's Relationships
02/26/201413:24:14N.Y. Regulator Probing Ocwen's Relationships With Affiliated...
02/20/201419:20:30Ocwen Sells Mortgage Servicing Bond Near 10% Yield
02/12/201415:10:07NY Regulator Troubled by Growth of Nonbank Mortgage Servicers--3rd...
02/12/201413:59:11NY Regulator Troubled by Growth of Nonbank Mortgage Servicers...
02/12/201413:01:15NY Regulator Troubled by Growth of Nonbank Mortgage Servicers...
02/06/201415:06:43NY Regulator Halts Ocwen-Wells Fargo Mortgage-Servicing Deal...
02/06/201412:42:09NY Regulator To Halt Ocwen-Wells Fargo Mortgage-Servicing Deal...
01/22/201410:20:13Wells Fargo to Sell Mortgage-Servicing Rights

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