Home Loan Servicing Solutions, Ltd. Completes Acquisition of $15.9 Billion in
Mortgage Servicing Assets From Ocwen Financial Corporation
GEORGE TOWN, Grand Cayman, March 14, 2013 (GLOBE NEWSWIRE) -- Home Loan
Servicing Solutions, Ltd. ("HLSS") (Nasdaq:HLSS) announced today that on March
13, 2013, HLSS and HLSS Holdings, LLC completed an acquisition from Ocwen
Financial Corporation (NYSE:OCN) and its affiliates and subsidiaries of rights
to receive servicing fees ("Rights to MSRs") and related servicing advances
for a servicing portfolio of subprime and Alt-A residential mortgage loans.
This transaction resulted in the acquisition of Rights to MSRs with
approximately $15.9 billion in unpaid principal balance of mortgage loans. The
characteristics of these mortgage servicing assets are similar to those
previously acquired from Ocwen, and we expect this transaction to be accretive
For more information on prior releases and SEC Filings, please refer to the
"Shareholders" section of our website at www.hlss.com.
Home Loan Servicing Solutions, Ltd. is an internally-managed owner of
non-agency mortgage servicing assets with historically stable valuations and
cash flows.HLSS' assets are predominately mortgage servicing advances that,
along with the related servicing rights, are over-collateralized 22 times by
residential real estate. HLSS' objective is to generate stable, recurring
fee-based earnings and dividends throughout the economic cycle. For more
information, visit www.hlss.com.
This news release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking statements are
not guarantees of future performance, and involve a number of assumptions,
risks and uncertainties that could cause actual results to differ materially.
Important factors that could cause actual results to differ materially from
those suggested by the forward-looking statements include, but are not limited
to, the following: general economic and market conditions, prevailing interest
rates, governmental regulations and policies,availability of adequate and
timely sources of liquidity, our ability to maintain our PFIC status, real
estate market conditions and other risks detailed in HLSS' reports and filings
with the Securities and Exchange Commission. The forward looking statements
speak only as of the date they are made and should not be relied upon. HLSS'
undertakes no obligation to update or revise the forward-looking statements.
CONTACT: FOR FURTHER INFORMATION CONTACT:
James E. Lauter
Senior Vice President & Chief Financial Officer
T: (561) 682-7561
Home Loan Servicing Solutions, Ltd. Logo
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