Home >> News >> Servicing >> ResCap Completes Sale of Servicing Assets to Ocwen
Print This Post Print This Post

ResCap Completes Sale of Servicing Assets to Ocwen

""Residential Capital, LLC"":https://www.rescapholdings.com/ (ResCap) announced it has completed the sale of its servicing platform assets to ""Ocwen Loan Servicing, LLC"":http://www.ocwen.com/.


Ocwen ""won an auction"":https://themreport.com/articles/ocwen-wins-auction-to-buy-out-rescap-portfolio-2012-10-26 for ResCap's mortgage servicing and origination assets in a joint bid with Walter Investment Management Corp. last October following ResCap's ""bankruptcy"":https://themreport.com/articles/with-rescap-deal-ally-shifts-from-home-loans-to-auto-2012-05-15 last May. The U.S. Bankruptcy Court in Manhattan's Southern District approved the sale in November.

The sale of ResCap's originations and capital markets platform to Walter was recently completed, as was the sale of a whole loan portfolio to Berkshire Hathaway. Together, the three transactions generated more than $4 billion in proceeds for the benefit of ResCap's creditors and preserved more than 3,800 jobs, according to a release from ResCap.

""Today marks an important step in what has been a successful sale process for ResCap,"" said ResCap CEO Thomas Marano. ""Since the Court's approval of the deal, our focus has been to ensure a smooth transition for homeowners and preserve value for our creditors.""

""This complex transaction was settled in three components with three distinct purchasers, in cooperation with eight government agencies or regulatory authorities--all while keeping the business operating as a going concern,"" Marano said. ""This successful outcome is a direct result of the hard work our employees, leadership and advisors have dedicated over the last year.""


Check Also

Lower Volume, Staffing Cuts Expected in 2023

The most recent outlook from the Mortgage Bankers Association expects total origination volume to decline nearly 10% next year. Click through to find what else the MBA is forecasting.