Morgan Stanley netted $59 million cash for selling its mortgage servicing company, but more importantly, the firm frees itself of a business that was more important in 2006 than in 2011.  The Ocwen Financial Corporation, which bought the unit, Saxon Mortgage Services, has also agreed to pay Morgan Stanley $1.4 billion for servicing outstanding receivables. Morgan Stanley bought Saxon in 2006 for more than $700 million when the mortgage boom was in the full force.  With this market all but dried up, had little if any need for the unit.  Ocwen is a actively buying these unwanted units.  Back in June, the West Palm Beach, FL paid $264 million for Goldman Sachs' mortgage unit, Litton Loan Servicing. Earlier this year, Saxon agreed earlier to pay $2.35mn to settle allegations that it wrongly foreclosed on several members of the military from 2006 to June 2009.  [C-I Note:  Diversification is great, when the timing's right.  Consolidation is the current buzz word.]  [Dealbook, 10/24/11]