October 25, 2011
Morgan Stanley sells its mortgage servicing arm Saxon to Ocwen Financial Corp. for $59.3 million, plus an estimated $1.4 billion for servicing advance receivables outstanding.
On October 24, Willkie client Morgan Stanley, the sixth-largest U.S. bank by assets, announced it has agreed to sell Saxon Mortgage Services, Inc., a provider of servicing and subservicing of residential mortgage loans, to Ocwen Financial Corporation, the largest subprime mortgage servicer in the U.S. Ocwen will acquire Saxon for the base purchase price of $59.3 million, plus an estimated $1.4 billion for servicing advance receivables outstanding. With more than 1,300 offices in 42 countries, Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services.
The Willkie deal team, led by partners Gregory Astrachan, Rosalind Fahey Kruse and Richard Reinhold and of counsel Michael Petronio, included partners David Drewes, Jeffrey Goldfarb, Ian Levin and Tariq Mundiya; special counsel Catherine Harrington, Jonathan Konoff and Kim Walker; and associates Michael Brandt, Sameer Advani, Tyler Barnett, Nancy McCabe, Geri Anne McEvoy, Jordan Messinger, Matthew Movafaghi, Zachary Lerner, Owen Reidy, Leah Shams and Devon Sharma.
