Ocwen: Mortgage bond investors mislead public, push foreclosures

Ocwen: Mortgage bond investors mislead public, push foreclosures

Fires back at “baseless, groundless” charges of mortgage payment negligence

California settlement puts Ocwen on a leash

Prohibited from acquiring California MSRs without state’s approval

Monday Morning Cup of Coffee: Ocwen settles "frustrating skirmish" with California

But that's just over file access, not file content
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Servicing

BlackRock discloses ownership stake in Altisource

Mortgage bond investor also reportedly threatening to sue Ocwen
Ben Lane
A Monday filing with the Securities and Exchange Commission shows that BlackRock is more than an interested party in the mortgage-backed securities whose loans are serviced by Ocwen and its affiliates. BlackRock also owns a substantial stake in Altisource Residential.
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Ocwen: Mortgage bond investors mislead public, push foreclosures

Fires back at “baseless, groundless” charges of mortgage payment negligence
Ben Lane
Ocwen fired back at claims of mortgage payment negligence, saying that the mortgage bond investors that accused it of failing in its duties as servicer have ulterior motives. “Your letter obscures the ultimate objective of your investor clients: to stop servicers from modifying loans and force them to foreclose on and evict as many struggling homeowners as quickly as possible,” Ocwen said in response.
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California settlement puts Ocwen on a leash

Prohibited from acquiring California MSRs without state’s approval
Ben Lane
It appears that the threat by the State of California to suspend the mortgage license of Ocwen Financial is over, at least for now. The beleaguered nonbank confirmed that it settled with the California Department of Business Oversight, which was threatening to suspend Ocwen’s mortgage license.
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Ocwen sued by investors for mortgage payment negligence

Preparing to sue embattled nonbank
Ben Lane
Some of the country’s biggest mortgage bond investors, reportedly including BlackRock, MetLife, and Pimco, are preparing to sue Ocwen, saying that the beleaguered nonbank failed to properly collect payments on $82 billion of home loans.
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Hedge fund claims Ocwen breached bond covenants

Blue Mountain Capital reveals short position
Ben Lane
Hedge fund BlueMountain Capital Management sent notices of default to embattled nonbank Ocwen Financial and its affiliated company, Home Loan Servicing Solutions on Friday, saying that Ocwen’s regulatory troubles have caused an “irrefutable” default on notes the hedge fund owns.
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Black Knight: Delinquencies drop 7% in December

Foreclosure starts jump 21% from November
Trey Garrison
Delinquencies dropped by 7.2% in December, bringing the national delinquency rate back under 6% and down to 5.6% for the month, and nearly 13% down from this time last year. Here's what's happening.
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Seriously underwater properties decrease 2.2 million in 2014

RealtyTrac: Down 5.8 million from peak negative equity in 2012
Trey Garrison
The number of seriously underwater homes continues to drop, and the number of equity-rich homes is growing. Here’s what’s happening.
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Nationstar scoops huge Fannie, Freddie mortgage servicing portfolio

Adds to the company’s rapid growth
Brena Swanson
Nationstar has closed on the purchase of another mortgage servicing rights portfolio. As a result, the nonbank servicer has officially acquired $43 billion in servicing portfolios since the end of the second quarter 2014.
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Altisource adds John Vella as chief revenue officer

Tasked with expanding Altisource’s mortgage and real estate services
Ben Lane
As part of the company’s efforts to shape its future, Altisource Portfolio Solutions announced that it appointed John Vella to the newly created position of chief revenue officer. In this new role, Vella will focus on the company’s growth initiatives and diversifying the reach of Altisource’s product suite to the real estate and mortgage industries.
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How much will Ocwen pay William Erbey to leave?

Can't disclose any industry secrets
Ben Lane
William Erbey may be leaving Ocwen Financial behind after being forced to resign from his position as executive chairman as part of a massive settlement with the New York Department of Financial Services, but he is not leaving empty-handed. Far from it, in fact.
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