``Home loan servicer Ocwen Financial Corp. closed on the purchase of about $22 billion of Saxon Mortgage servicing rights on Monday, completing a deal announced in October.

Ocwen, which has about 340 employees in its West Palm Beach office, specializes in handling at-risk home loans.

The Saxon buy pushes the Atlanta-based firm's servicing portfolio to $120 billion in unpaid principal balance.


A consent order with the Fed requires Morgan Stanley to hire an independent consultant to look at foreclosures processed in 2009 and 2010 and reimburse homeowners who suffered "financial injury as a result of wrongful foreclosures or other deficiencies identified."

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