UPDATE: Goldman Sachs to Sell Litton Loan Servicing to Ocwen Financial for $264M

The Goldman Sachs Group, Inc. GS today announced that it has agreed to sell Litton Loan Servicing to Ocwen Financial Corporation OCN for approximately $264 million. The sale price does not reflect certain assets that Goldman Sachs will retain. Goldman Sachs does not expect the sale to have any material impact on earnings in the second quarter due to the combination of the sales price and the impairment charge announced in the first quarter of 2011 primarily related to Litton.