Ally Will Sell Mortgage Servicing Rights to Ocwen Financial
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Ally Financial Inc., the only lender that missed a key benchmark in the Federal Reserve’s stress tests last week, agreed to sell agency mortgage servicing rights to Ocwen Financial Corp. for about $585 million.
The sale covers rights to $85 billion of unpaid principal balance and $5 billion of rights based on commitments through the end of February, according to a statement today from the Detroit-based firm.