Ocwen Financial Corp. (NYSE:OCN) entered into an agreement to acquire a portfolio of agency mortgage servicing rights from Ally Bank for approximately $590 million on March 12, 2013. As part of the agreement, Ally also has the right to sell Ocwen its remaining MSR portfolio in a subsequent closing. The transaction is subject to approval by Fannie Mae and Freddie Mac and is expected to close in stages over the next few months. Barclays acted as financial advisor for Ally ... Bank. Ken Morrison, Jeff Symons, Claire Sheng and Jimmy Markel of Kirkland & Ellis LLP acted as legal advisors for Ally Bank. Sandler O'Neill + Partners, L.P. acted as financial advisor for Ally Bank. William D. Regner of Debevoise & Plimpton, LLP acted as legal advisor for Sandler O'Neill + Partners.
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