Ocwen Affiliate Calls Off Merger With New Residential

April 6, 2015 10:15 PM

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Home Loan Servicing Solutions, Ltd., an affiliate of the mortgage servicer Ocwen Financial Corp., said Monday it called off its proposed merger with New Residential Investment Corp. and instead will sell substantially all of its assets to New Residential for a lower price.

The asset sale is worth $17.08 per HLSS share, or approximately $1.2 billion, the companies said in a statement. That is a reduction from the price of $18.25 in the earlier merger agreement, which was announced in February.

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