New Residential Investment and Home Loan Servicing Solutions (HLSS) announced the mutual termination of a merger agreement originally announced on February 22 and instead announced the two firms have entered into a purchase agreement.
Read More »Real Estate Investor Acquires Mortgage Servicer for $1.3 Billion
New Residential Investment Corp. and Home Loan Servicing Solutions Ltd. announced a definitive merger agreement on Sunday. The merger agreement sets for New Residential to acquire all of the outstanding shares of HLSS for $18.25 per share in cash, totaling approximately $1.3 billion. The purchase price represents a 9 percent premium to HLSS' closing price of $16.76 on February 20.
Read More »Ocwen Views Recent Settlement as Vindication from Investor’s Allegations of Default
New York-based private investment firm BlueMountain Capital, a purported holder of notes issued by HLSS Servicer Advance Receivables Trust (HSART) wrote a letter last month accusing Ocwen of breach of contract and default on certain notes serviced by HLSS. Ocwen subsequently issued a statement vowing to "vigorously defend itself" against BlueMountain's accusations.
Read More »Firm Announces Class Action Suit Against Servicer Over Relationship With Ocwen
In its complaint, the firm alleges that HLSS, which deals in the acquisition of mortgage servicing assets, made misleading statements and failed to disclose to investors how much its own business depended on Ocwen's and the extent of Ocwen's troubles.
Read More »Investor Reiterates Desire for Servicer to Terminate Relationship With Ocwen
New York-based investor Mangrove Partners Master Fund, one of the 10 largest shareholders in Home Loan Servicing Solutions, has delivered a letter to the HLLS Board of Directors with regards to HLSS's relationship to Ocwen Financial Corp., according to an announcement from Mangrove Partners on Monday.
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