Home Loan Servicing Solutions, Ltd. Completes Acquisition of $15.9 Billion in Mortgage Servicing Assets From Ocwen Financial Co
March 14 2013 - 7:00AM
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 to earnings.
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
E: James.Lauter@hlss.com
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