The servicing arm of Ocwen Financial Corp. (OCN)
this week snatched up a servicing agreement on 24,000 non-performing mortgage loans owned by mortgage giant Freddie Mac (FRE)
The interim servicing master agreement between the Ocwen Loan Servicing and Freddie, which took effect August 10, relates to single-family mortgage loans bearing an aggregate unpaid principal balance of $4.4bn, according to a company filing
with the Securities and Exchange Commission
(SEC) early this week. The outstanding principal balance split among 24,000 mortgages works out to an average $183,300 per loan.
Ocwen Financial made headlines elsewhere this week as it raised private capital through a public stock offering. It priced a public offering
of 28m shares of common stock at $9 per share. Ocwen said it expects $239.4m in net proceeds, which it plans to use for general corporate expenses, including acquisitions and working capital.
Write to Diana Golobay
Disclaimer: The author held no relevant investments when this story was published.