Co-bidder Walter Investment Management ( WAC ) landed the $50 billion Fannie Mae part. ResCap is the mortgage unit of government-owned Ally Financial, the former financing arm of General Motors ( GM ). The transaction was approved by a bankruptcy court Nov. 21 and is expected to close in March. Ocwen earns servicing fees on the unpaid principal balance of the mortgage loans it services. It focuses on reducing delinquencies on non-prime loans, including those backed by government service enterprises, such as Fannie Mae ( FNMA ) and Freddie Mac ( FMCC ). Government Loans It also works on government-sponsored loan modifications. Homeward and ResCap will add nearly $200 billion in mortgage servicing rights and at least $37 billion in subservicing. "By the time they integrate Homeward and ResCap they will have a very dynamic platform," said Sterne Agee analyst Henry Coffey.