Things at Ocwen just went from bad to much, much worse

Things at Ocwen just went from bad to much, much worse

Embattled company hit with an avalanche of bad news

Pending home sales surge to highest level in 18 months

Buyer demand boosts sales

Foreclosure: The Movie… (finally!) coming to a screen near you

In new film, neighborhood of foreclosed homes drives man insane
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Items Tagged with 'mortgage bonds'

ARTICLES

Things at Ocwen just went from bad to much, much worse

Embattled company hit with an avalanche of bad news
Ben Lane
Just when it looked Ocwen Financial may finally be getting some good news, the nonbank was hit with an avalanche of bad news. A new report from Compass Point says that Ocwen was just terminated as servicer on two RMBS deals, and worst of all, Ocwen now stands accused of costing mortgage bond investors $26 billion.
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Ocwen-related RMBS deals were just hit with major downgrade

Fitch follows through on threat to downgrade Ocwen deals
Ben Lane
Less than a month ago, Fitch Ratings sounded the alarm on residential mortgage-backed securities that contain loans serviced by Ocwen Loan Servicing, an affiliate of Ocwen Financial, telling investors to expect a downgrade on the ratings of Ocwen-related RMBS transactions soon. And Friday, Fitch followed through on that threat.
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Hedge fund: Here’s more evidence Ocwen and HLSS breached bond covenants

BlueMountain Capital bolsters initial default claims
Ben Lane
A hedge fund that recently claimed that Ocwen Financial and its affiliated company, Home Loan Servicing Solutions, breached their mortgage bond covenants is now saying that recent events have done nothing but reinforce their initial claims of default.
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Kroll: Fannie & Freddie were, are and will always be GSEs

Investor lawsuits “without merit”
Jacob Gaffney
“Equity investors in Fannie Mae and Freddie Mac rightly complain about a lack of due process and transparency in how the affairs of the GSEs have been managed, but such is life in a liberal democracy.”
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HLSS and Ocwen escalate fight against mortgage negligence claims

Accuse hedge fund of attempting to undermine Ocwen’s stock price
Ben Lane
It appears that Home Loan Servicing Solutions and its associated company, Ocwen Financial, take the claims that they breached their mortgage bond covenants quite seriously. The companies are again accusing BlueMountain Capital Management of attempting to "undermine" Ocwen's stock price, given BlueMountain's short position in Ocwen.
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Mortgage bond investors don’t trust lenders either

Bloomberg explores where the private capital went
Ben Lane
It turns out that everyday people weren’t the only ones whose trust was broken by the crisis. According to a new report from Bloomberg, mortgage bond investors aren’t buying right now because they’re scared, too.
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It’s official: S&P to pay record-breaking fine for misleading RMBS investors

Settlement with DOJ resolves claims of inflated pre-crisis ratings
Ben Lane
A credit ratings agency is finally facing the music. As was first rumored in early January, Standard & Poor’s will indeed pay $1.375 billion as part of settlement with the U.S. Department of Justice and nearly 20 states over claims that S&P knowingly misled mortgage bond investors by issuing trumped up ratings for pre-crisis residential mortgage-backed securities.
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Home Loan Servicing Solutions fires back at mortgage-negligence claims

Ocwen associate answers charges from hedge fund
Ben Lane
Home Loan Servicing Solutions is joining with associate Ocwen Financial, in the fight against investors who claimed that the companies breached their mortgage bond covenants, and is accusing the investors of attempting to profit on their stock holdings in HLSS as opposed to actually caring what happens with the mortgage bonds.
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S&P reportedly close to massive mortgage-bond rating settlement

WSJ: Department of Justice may get billions
Ben Lane
Standard & Poor’s is reportedly closing in on a $1.37 billion settlement with the U.S. Department of Justice and more than a dozen states over claims that S&P knowingly misled investors by issuing trumped up ratings for pre-crisis residential mortgage-backed securities.
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$890 million in subprime vintage debt hits secondary market

Part of $1.01 billion package
Ben Lane
Nearly $900 million in subprime non-agency mortgage bonds from big names like Countrywide, Bear Stearns, and Washington Mutual were part of a $1.01 billion package of vintage debt that hit the secondary market Thursday.
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