Altisource Pops On Ocwen Win, US Sues Bank of America: Financial Business Wrap
Shares of Altisource Portfolio Solutions (NASDAQ:ASPS) pop on the news of Ocwen’s apparent victory over Nationstar in the ResCap mortgage bidding war. The former supplies services to the mortgage servicing industry, of which Ocwen is likely a significant customer.
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The United States government has brought a suit against Bank of America Corporation (NYSE:BAC), claiming that the firm misrepresened the quality of home loans it sold through its Countrywide unit to Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB). This move could herald a potential new legal front against banks as the government is seeking at least $1 billion in damages.