April 4th, 2012 
davidguide The sale of former nonprime lender Saxon Mortgage Services Inc. has been completed. While the deal will likely create a top-10 servicer, it also resulted in hundreds of layoffs and a consent order against a Wall Street giant. Saxon has been acquired by Ocwen Financial Corp. from Morgan Stanley for $73.8 million. Saxon was originally acquired by Morgan Stanley Mortgage Capital in December 2006. Saxon was spun off from Dominion, a Virginia-based energy company, in a 2001 initial public offering. At the time, it originated Alt-A and subprime mortgages.
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