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Items Tagged with 'Ocwen Financial Corp.'

ARTICLES

Moody’s downgrades Ocwen’s servicer ratings

Cites increased regulatory scrutiny and force-placed insurance concerns
Ben Lane
Moody's suggests that the scrutiny from the Securities and Exchange Commission and the New York Department of Financial Services "could restrict Ocwen's activities, levy monetary fines, or take additional actions that could negatively affect the company's financial strength and servicing stability."
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KBRA: More smoke than fire in Ocwen’s restated earnings

Cautions that MSR transactions could see more regulatory scrutiny
Ben Lane
Kroll notes that audit firms, like Deloitte & Touche, advise public companies on how to structure their finances related to GAAP, however “the public company is ultimately responsible for the public disclosure,” which leads to the public company “taking the blame” for what its auditor advised it to do.
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SEC subpoenas Ocwen over Altisource, HLSS associations

Joins NYDFS in questioning company’s relationship with its affiliates
Ben Lane
Ocwen’s close relationship with Altisource Residential, Altisource Asset Management Corp., Altisource Portfolio, and Home Loan Servicing Solutions has been under scrutiny since New York's Department of Financial Services first sent a letter to Ocwen’s general counsel about the dealings between the affiliated companies in February.
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Ocwen to restate 2Q14 earnings

There may be a "material weakness"
Brena Swanson
Ocwen Financial Services Corp. said it would restate earnings because of accounting problems, after its auditor found what may be "a material weakness'' in the way it recorded the value of certain debt.
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What’s wrong at Altisource Asset Management?

Stock crashes after company denied at distressed loan auction
Ben Lane
Altisource Asset Management's stock is plummeting after reports that the company's affiliate, Altisource Residential was shut out of a HUD distressed loan auction.
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Benjamin Lawsky just made it easier to be a mortgage banker in New York

Sometimes he offers you a carrot, not just the stick
Ben Lane
It’s probably safe to say that Benjamin Lawsky isn’t the most popular guy in some mortgage bankers’ offices these days. But fear not, mortgage bankers…especially those in New York. Lawsky’s office has just made your lives much easier.
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Kroll: Prudent regulation not necessary to check nonbank boom

Cause of the crisis was fraud, not lack of capital
Brena Swanson
Talk is stirring among regulators to develop better regulation over non-bank seller/servicers and require them to hold more capital. But according to one ratings agency, there needs to be a new benchmark.
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Ocwen’s bad day just got worse

Hit with class action lawsuit in Pennsylvania over servicing practices
Ben Lane
Hours after a regulator promised more nonbank crackdowns, Ocwen got sued in federal court. The group of homeowners allege the company engaged in substandard and illegal servicing practices that violated Pennsylvania state law and RESPA.
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Ocwen names new chief financial officer

15-year GE veteran Michael Bourque takes over for John Britti
Ben Lane
Bourque, 36, is set to take over for John Britti, who was the company’s previous executive vice president and CFO. During the company’s first-quarter earnings conference call on May 1, the company announced that Britti had been promoted to chief investment officer.
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More than half of Altisource revenue is from business with Ocwen

Sterne Agee likes future for non-bank MSR market
Trey Garrison
Sterne Agee is initiating coverage on Altisource Portfolio Solutions, a provider of servicing tools, with a neutral rating and $125 PT on its outlook for growth for non-bank MSR firms.
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