Loan-servicing company Ocwen Financial explodes higher after unloading a bunch of assets (OCM)

Mortgage servicer Ocwen Financial surged as much as 46% on Monday after saying it will sell $425 million of assets to help boost the company's finances.
New Residential Corporation will purchase mortgage servicing rights from Ocwen in a transaction and start a new five-year subservicing agreement, the company said in a statement. In addition to the upfront cash payment, New Residential will also make an equity investment in Ocwen and become a 4.9% owner.
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