Ultimately, Ocwen Financial Corp.'s pending purchase of Litton Loan Servicing is likely to benefit the investors in the $45 billion of mortgages that Litton manages and some of the homeowners. That's because Ocwen has a record of moving faster than Litton to resolve troubled loans, either through modification or foreclosure.

In the short term, though, expect chaos.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.