Deals
Wells Fargo Sale of Servicing Rights to Ocwen Halted by Lawsky
This article is for subscribers only.
Wells Fargo & Co.’s planned sale of mortgage-servicing rights to Ocwen Financial Corp. was halted by New York’s top financial regulator. Ocwen shares fell more than 5 percent.
Ocwen, which is licensed in the state as a mortgage banker, agreed “to put an indefinite hold” on the deal tied to $39 billion of loans, the Atlanta-based company said in a statement. Benjamin M. Lawsky, head of New York’s Department of Financial Services, has a monitor at the firm and is concerned that it will struggle to properly service loans, a person briefed on the matter said earlier today.