Cleary Gottlieb is representing Goldman Sachs in the sale of Litton Loan Servicing to Ocwen Financial Corporation for approximately $264 million. The transaction was announced on June 6, 2011 and is expected to close in the third quarter.
Ocwen is a leading provider of residential and commercial loan servicing, special servicing and asset management services. Litton is a mortgage servicing company based in Houston, Texas and specializes in loss mitigation and default management for residential loans. The transaction will result in the acquisition by Ocwen of a servicing portfolio of approximately $41.2 billion in unpaid principal balance of primarily non-prime residential mortgage loans and Litton’s servicing platform.
