Investment banking firms have made a killing the past three years doing “spin-offs” for Ocwen and its peers. If Lawsky continues on what’s perceived by banking executives as a witch hunt, the spin-offs could end…
Of course, Ocwen is hardly alone when it comes to having a large overseas mortgage workforce. Wells Fargo and Nationstar, we’re told, also have decent sized back office operations in India…
Then again, acquirers also may find that companies that need to sell might have a hard time admitting as much. “I’m seeing a ton of interest on the buy-side these days,” said Larry Charbonneau, a principal in Charbonneau & Associates.
Among those buying into MI stocks is Paulson & Co., the legendary hedge fund that made $15 billion by shorting publicly traded subprime firms via the ABX Index in the run-up to the housing bust.
In an interview with IMFnews, Millon said CMC now owns roughly $5 billion in MSRs, compared to just $1.5 billion a year earlier. “We’re buying rights from the members of our cooperative,” Million said.
The creation of a U.S. sovereign wealth fund could grease the skids for an end to the conservatorships of Fannie Mae and Freddie Mac.
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