After Reuters reported late Friday that Bank of America (BAC) is in talks to sell $300B of mortgage servicing, Piper Jaffray said in a note to investors that the portfolio will likely be split among multiple buyers given the size. Piper thinks Ocwen Financial (OCN) is unlikely to win the full $300B, but views the company as well positioned to benefit from large banks looking selling its servicing portfolios. The firm reiterates an Overweight rating on Ocwen with a $47 price target.
- Investment & Company Information
- Piper Jaffray
- Bank of America