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Morgan Stanley Agrees to Sell Saxon Mortgage Servicer to Ocwen

Morgan Stanley, the sixth-largest U.S. bank by assets, will sell its Saxon unit to Ocwen Financial Corp., exiting the mortgage-servicing business it bought before the housing market collapsed.

Ocwen agreed to pay a base price of $59.3 million plus about $1.4 billion for receivables outstanding, Morgan Stanley said yesterday in a statement. The deal is expected to close in 2012’s first quarter and isn’t likely to have a material impact on earnings, New York-based Morgan Stanley said.