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10/24/2011

Morgan Stanley sells Saxon Mortgage

Saxon Mortgage, which services home loans and operates a large customer service center in north Fort Worth, has been sold by Morgan Stanley to Ocwen Financial Corp. for $59.3 million, plus an estimated $1.4 billion for servicing outstanding loans.  Morgan Stanley said the transaction is targeted to close in the first quarter of 2012 and is not expected to have a material impact on financial results.

Morgan Stanley acquired Saxon, with headquarters in Glen Allen, Va., for $706 million in 2006. It took a $700 million write-down, mostly related to Saxon, in late 2008. Ocwen in September bought a similar operations,  Litton Loan Servicing, from Goldman Sachs for $263.7 million in cash.

-- Jim Fuquay

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This is a shocking news (or is it me?). I didn't expect that Stanley would give up on his company right away. Well, in these economic times, drastic measures have to be taken.

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