On Monday, New Residential Investments (NRZ) announced in their earnings call that they were going to buy $117 Billion of Ocwen’s unpaid principal balance (UPB). In essence, this will be a death blow to Altisource and Patricia E McTaggart. Foreclosurepedia is predicting that Nationstar will pick up the servicing thereof. Seeking Alpha termed it as follows,
We noted that in order to solve its own problems, OCN could effectively “throw ASPS under the bus” by negotiating new terms with NRZ in which NRZ would take away the economic lifeblood of ASPS. This, in fact, transpired on Monday when on its Q1 2017 earnings call NRZ announced a major deal under negotiation with OCN.
We will have more on this fast breaking story in tonight’s Foreclosurepedia Podcast.