Items Tagged with 'Standard & Poor's'

ARTICLES

Ocwen rising: S&P upgrades nonbank's servicer rankings

Stock soars after ratings agency reveals positive outlook
Last month, HousingWire pondered if there was a light at the end of the tunnel for Ocwen Financial after the nonbank posted another loss in the second quarter, with company executives stating a belief that the nonbank can return to profitability as it puts "legacy" issues behind it. Now, Ocwen is putting one of those issues in the rear view mirror, as Standard & Poor's is upgrading the nonbank’s servicer rankings.
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New Residential to repay $2.5B in mortgage servicer advances

S&P downgrades Ocwen, triggers repayment
Citing an “inadvertent” oversight in a previous downgrade of Ocwen Loan Servicing servicer rankings, Standard & Poor’s announced earlier this week that it was lowering its ranking of Ocwen as a residential mortgage master servicer from “above average” to “below average.” And that move triggered a massive payback from New Residential.
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S&P cuts Ocwen’s servicer rankings to “below average”

Internal audit results reveal “high-risk findings” in key areas
Citing a “deficient” internal controls environment that has not kept pace with the company’s growth, Standard & Poor’s downgraded the servicer rankings of Ocwen Loan Servicing from “average” to “below average.” Click through to read more.
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Ocwen CEO gives baffled reaction to ratings rollercoaster

Upgraded by Moody’s, placed on Credit Watch by S&P
Just days receiving a bit of good news when Moody’s Investors Service upgraded its ratings, Ocwen Financial learned Standard & Poor’s placed its rankings on “CreditWatch negative.” So, what gives? Turns out the CEO of Ocwen is just as baffled by the news.
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From HW Magazine

Dodd-Frank fails again

Standard & Poor's shocking mortgage bond fraud
Ladies and gentlemen, it’s been some time since the mortgage bond world felt shaken to the core. But shaken, right now, it feels, according to several recent conversations I’ve had on the subject.
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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
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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DOJ shifts focus to Moody’s Investors Service

Investigates ratings in the buildup to the financial crisis
Credit-rating agencies have been under a lot of fire recently. Now that the U.S. Department of Justice is wrapping up its case with Standard & Poor’s, it is shifting its attention to Moody’s Investors Service for similar issues.
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