Wilbur Ross quits Ocwen Financial

Wilbur Ross quits Ocwen Financial

Distressed asset investor bringing his magic to Bank of Cyprus

Dustin Johnson levels blockbuster claims at title attorneys

Is Nat Hardwick the fall guy?

CFPB proposes 7 big changes to foreclosure process for mortgage servicers

Adds guidance on extended borrower protections
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Items Tagged with 'Ocwen Financial Corp.'

ARTICLES

Cancelation of Wells Fargo deal spells more trouble for Ocwen

Stock approaching new low for the year
Ben Lane
Considering the fact that Ocwen Financial announced the cancelation of its $2.7 billion mortgage servicing rights deal with Wells Fargo after the stock market closed yesterday, the company probably knew that its stock was going to take a hit when the market reopened on Friday. And that’s just what happened.
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Massive MSR deal between Wells Fargo and Ocwen is officially dead

Deal was put on hold by NYDFS in February
Ben Lane
The long-delayed $2.7 billion mortgage servicing rights deal between Ocwen Financial and Wells Fargo is now dead, the companies announced late Thursday. In February, the New York Department of Financial Services put an indefinite hold on the transaction. Now, any hope of reviving the deal is futile.
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Altisource stock crashes after terminating lender-placed insurance business

So much for that Lawsky-related bump
Ben Lane
Citing “uncertainties with industry-wide litigation and the regulatory environment,” Altisource announced that it would be exiting its lender-placed insurance brokerage business early Wednesday morning. The news sent Altisource's stock crashing to a yearly low.
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Ocwen stock jumps on reports of Lawsky’s departure from NYDFS

NYDFS Superintendent has aggressively pursued Ocwen and affiliates
On Monday, reports began circulating that New York Department of Financial Services Superintendent Benjamin Lawsky would step down in 2015. And Tuesday, the stocks of Ocwen and its affiliates jumped upon the news that Ocwen’s main antagonist may be leaving.
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Ocwen’s servicer ratings downgraded…again

Morningstar becomes latest to weigh in on Ocwen’s issues
Ben Lane
"The forecast for the residential mortgage servicer, residential vendor, and residential prime mortgage servicer rankings is 'Unfavorable,'" Morningstar said. "Morningstar believes that continuing regulatory scrutiny could have further negative consequences for OFC’s residential mortgage servicing business."
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This 1 chart shows just how bad last week was for Ocwen

See if you can spot when Lawksy’s letter was released
Ben Lane
If you want to know just how bad Ocwen’s week really was, all you need to do is look at one chart: Ocwen’s stock price.
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Ocwen’s bad week just got worse

Fitch places Ocwen on rating watch negative
Ben Lane

Fitch said that it has “long-standing concerns” over Ocwen's aggressive growth and heavy concentration of offshore resources, and the current issues raise more concerns “over Ocwen's oversight of its systems and processes.”


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ABS East: Lawsky has legacy MSRs “at a standstill”

No significant legacy MSR transfers since NYDFS froze Ocwen deal
Ben Lane
During a panel at ABS East, a massive conference on the securitization and secondary market taking place this week in Miami, one panelist said that the MSRs on the loans that make up the pre-crash residential mortgage-backed securitizations are “at a standstill,” without an end in sight.
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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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