NEW YORK (Standard&Poor's) Nov. 14, 2012--Standard&Poor's Ratings Services today placed its ABOVE AVERAGE rankings on Ocwen Loan Servicing LLC (Ocwen) on CreditWatch negative as a residential mortgage subprime, special, and subordinate-lien servicer. The outlook was stable prior to the CreditWatch placements. We placed the rankings on CreditWatch negative due to Ocwen's recent purchase, pending regulatory approval, of GMAC Mortgage LLC (GMACM), Residential Capital LLC's (ResCap's) mortgage loan servicing unit. ResCap is the residential mortgage subsidiary of Ally Financial Inc. This purchase follows Ocwen's Oct. 3, 2012, announced purchase of Homeward Residential Inc., another large mortgage servicer. As of Sept. 30, 2012, Ocwen serviced 789,000 accounts, and as a result of these acquisitions, its portfolio will approximately
