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Ocwen Financial looks to spin off Ocwen Solutions
By Lisa Kerner
Charlotte, N.C., Nov. 18 - Ocwen Financial Corp.'s board of directors authorized the pursuit of a plan to separate most of the business operations of Ocwen Solutions into a newly formed, publicly traded company.
The separation would be completed through a tax-free spinoff that doesn't require Ocwen shareholder approval, according to a form 8-K filed with the Securities and Exchange Commission.
Ocwen said the spinoff is conditioned on regulatory approvals and the effectiveness of a registration statement that the company expects to file on or about March 31.
Based in West Palm Beach, Fla., Ocwen is a business process outsourcing provider to the financial services industry that specializes in loan servicing, mortgage fulfillment and receivables management services.
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