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Investments

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Ocwen stock drops amid sale

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Well Fargo’s (WFC) stock finished the day in the green after it announced it signed an agreement to sell Ocwen Loan Servicing (OCN) a $39 billion portfolio of residential mortgage servicing rights.

The transaction involved approximately 184,000 loans, which is approximately 2% of the bank’s total residential servicing portfolio.  

In light of the deal, Wells Fargo stock rose 0.51% at the end of the trading day.

But the same good news did not give Ocwen a boost.

Ocwen, on the other hand, finished the day down 2.79%: the biggest percentage drop recorded on the HW 30 during the Wednesday trading day.

Overall, the HW 30 witnessed another slow day, finishing up 0.03%.

However, the tepid day filtered into the rest of the market as well.

The Nasdaq concluded the day up 0.41%, while the S&P 500 finished up 0.06%.             

Two homebuilders witnessed huge gains Wednesday, with D.R. Horton (DHI) and Toll Brothers (TOL) ending the day up 2.28% and 2.06%, respectively.   

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