Ocwen, Fortress compete for ResCap’s $200 billion servicing portfolio

TRD MIAMI /
Oct.October 23, 2012 03:00 PM

Ocwen Financial and Fortress Investment Group have emerged as the leading bidders in an auction for bankrupt Residential Capital’s $200 billion mortgage servicing portfolio scheduled for today, the New York Post reported. ResCap, which is owned by Ally Financial, filed for bankruptcy protection in May, saying it would sell most of its assets to Fortress.

But Ocwen has taken steps to ensure it is a more attractive bidder after Fannie Mae – which owns 15 percent of the ResCap portfolio – expressed concerns about the company’s mortgage representatives being located overseas, the Post reported. Ocwen has joined with Walter Investment Management to acquire the rights to service the Fannie-owned portion of the ResCap portfolio, sources told the Post.

Ocwen and Fortress Investment Group-owned NationStar are the nation’s largest non-bank mortgage servicers, collectively servicing about $200 billion in loans – about the size of the ResCap portfolio.

Special servicers have gained a larger share of the mortgage servicing market, as banks have struggled to cope with the increase in foreclosures and delinquent loans in the wake of the housing crisis.

Ocwen did not return the Post’s calls for comment, and Fannie declined to comment. [NYP]Leigh Kamping-Carder


Related Articles

arrow_forward_ios
Bal Harbour Shops, Matthew Whitman Lazenby, Erica English, Howard Friedberg and Michael Katz

Whitman scores $550M loan for Bal Harbour Shops

(Credit: Pixabay)

Mortgage interest rates dropped last week and may stay down for months

Justice Department fines Ocwen subsidiary for foreclosing on military members’ homes

Justice Department fines Ocwen subsidiary for foreclosing on military members’ homes

(Credit: iStock)

Brexit bonus? More first-time buyers enter the UK housing market

Ocwen stock tumbles after reporting huge loss in Q3

Ocwen stock tumbles after reporting huge loss in Q3

Could tax reform kill the jumbo mortgage market?

Could tax reform kill the jumbo mortgage market?

Here are the biggest loans to close in Palm Beach County during Q3

Here are the biggest loans to close in Palm Beach County during Q3

FRANKFURT AM MAIN, GERMANY - FEBRUARY 02:  John Cryan (L), CEO of Deutsche Bank, leaves leaves after he has presented the company's financial results for 2016 during the annual Deutsche Bank press conference on February 2, 2017 in Frankfurt, Germany. Deutsche Bank is emerging from a difficult 2016 that included fines of USD 600 million to U.S. and British authorities due to what investigators concluded were illegal transactions with Russian clients.  (Photo by Thomas Lohnes/Getty Images)

Deutsche, Ocwen accused of discrimination in maintaining bank-owned homes

arrow_forward_ios
Loading...