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Ocwen Financial Corporation
("Ocwen")
OCN, a leading financial services holding company, announced
that, at the request of the New York Department of Financial Services ("NY
DFS"), its mortgage servicing arm has agreed to put an indefinite hold on its
previously announced purchase from Wells Fargo Bank, N.A. of mortgage
servicing rights on a portfolio consisting of approximately 184,000 loans with
a total principal balance of $39 billion.
Ocwen will continue to work closely with the NY DFS to resolve its concerns
about Ocwen's servicing portfolio growth.
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