New Residential intends to finance the transaction with existing cash and asset-based financing from Goldman Sachs, with the deal expected to close in Q4.
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Ocwen Gets Good News; Shares Spike
Ocwen's shares are finally starting to recover since the CFPB and 21 states filed suit against it last month. Following an announcement that New Residential Corporation will acquire Ocwen's mortgage servicing rights, the company's stock rose 46 percent at one point, reaching $3.32 at its highest. Ocwen's shares had dropped more than 50 percent after April's legal allegations.
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