Situs acquires loan servicing and asset management business of GSSG

Wed. September 23, 2009; Posted: 05:02 AM

Sep 23, 2009 (Datamonitor via COMTEX) -- OCN | Quote | Chart | News | PowerRating -- The Situs Companies, through its German affiliate, has acquired the primary and special loan servicing business of Global Servicing Solutions Germany, a joint venture between Ocwen Financial and Merrill Lynch.

According to Situs, the strategic acquisition supports its global expansion into the distressed loan servicing and debt advisory business.

The acquired firm will be branded Situs Global Servicing and will remain in Global Servicing Solutions Germany's (GSSG's) offices outside of Frankfurt, Germany.

Ralph Howard, principal and CEO of Situs, said: "The acquisition is a natural extension of our European commercial real estate consulting business and specifically allows us to extend our 'life of loan services' to our existing client base. Furthermore, GSSG has an experienced staff of multilingual loan workout professionals that will allow Situs to immediately address opportunities associated within the deteriorating global commercial mortgage market."

Peter Holzaeuser, managing director and general counsel of GSSG, said: "The acquisition by Situs provides our professionals with a dynamic opportunity to grow professionally with a global commercial real estate services company."

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For full details on Ocwen Financial Corp (OCN) click here. Ocwen Financial Corp (OCN) has Short Term PowerRatings of 4. Details on Ocwen Financial Corp (OCN) Short Term PowerRatings is available at This Link.

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