BofA servicing portfolio likely split among buyers, says Piper Jaffray

theflyonthewall.com

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.

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