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Ocwen MSR securitization prices under expectations

Did headline risk wallop OASIS deal?

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The latest capital markets plan from Ocwen Financial Corp. (OCN) to sell securitized mortgage-servicing rights to investors priced under expectations.

Ocwen originally planned to sell the deal at prices in excess of the $123.5 million, which is where the OASIS deal actually priced, according to sources.

The notes were initially offered as interest-only strips that could then be exchanged into three component notes after closing.

The notes are secured direct debt recourse obligations of Ocwen Loan Servicing, and are subject to Ocwen credit risk and the prepayment risk of the underlying pool.

Ocwen declined to comment on the pricing, citing the quiet period it is in while the nonbank mortgage servicer prepares to post its fourth quarter results on February 27.

Recently, Ocwen stock took a hit after Congresswoman Maxine Waters called for more regulatory scrutiny of firms such as this one. 

The superintendent of New York’s Department of Financial Services also put an indefinite freeze on the $2.7 billion MSR deal between Ocwen and Wells Fargo (WFC).

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