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  • Ocwen cleared of wrongdoing in multi-billion dollar mortgage bond fight

    Early in 2015, a group of mortgage bond investors that reportedly included BlackRock, MetLife, and Pimco accused Ocwen Financial of violating its duties as a mortgage servicer by failing to properly collect payments on $82 billion of home loans thereby costing the investors $26 billion. Now, after a yearlong independent investigation found no evidence of the litany of allegations made by the investors, Ocwen is off the hook. Click the headline for the whole story.

Real Estate The Ticker

Phoenix housing boom makes comeback

At the height of Phoenix’s excess, in 2005, homebuilders were constructing 4,000 homes a month, bulldozing one acre of land every hour.

By 2008 the city was the epicenter of the country’s housing market crisis. Prices rose more precipitously and fell faster than most anywhere else.

It was among the most overbuilt of the overbuilt sand cities, optimistic right up until the collapse. Home values fell by 55 percent from 2006 to 2011.

Source: Businessweek
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