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Items Tagged with 'Ocwen'

ARTICLES

Wellington Management drops almost 7 million Ocwen shares

Troubles continue to mount for Ocwen family
Trey Garrison
A few weeks after Moody’s Investors Service downgraded Ocwen Financial Corporation, Wellington Management is pulling most of its stake out of the company.
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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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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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Nationstar posts 2Q profits of $67M, up a whopping 174% over 1Q

Beats expectations and regulatory pushback in second quarter
Trey Garrison
Second-biggest nonbank MSR reports quarterly net income of $67 million for the second quarter, a 174% increase over the $24 million in the first quarter 2014, despite regulatory pushback and scrutiny.
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Lawsky demands answers from Ocwen, Altisource on force-placed insurance

NY DFS scrutiny of nonbank MSR intensifies even as Ocwen drags
Trey Garrison
The New York Department of Financial Services is questioning Altisource Portfolio Solutions' practice of force-placed insurance, calling the transaction troubling, and saying that parent Ocwen Financial Corporation may be funneling as much as $65 million to Altisource even though his office has raised concerns about potential conflicts of interest between such entities.
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Monday Morning Cup of Coffee: BofA mortgage woes piling up

Nonbanks under the gun; Homebuyers getting older
Trey Garrison
Bank of America still trying to get unstuck from the mortgage bond tar, interest rates have a 5.3% target rate, and home price growth slows to 4.6% projected growth for 2014.
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Ocwen's regulatory burdens send up red flags and drive down stock price

Analysts lower price target, Citi drops buy recommendation
Trey Garrison
Heightened regulatory burdens and compliance costs continue to drag on Ocwen Financial a day after its second quarter earnings are announced.
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S&P: Prime jumbo RMBS advance rates nose-dive

Subprime rates stabilize
Ben Lane
"Bank servicers, such as Wells Fargo and JPMorgan Chase, have maintained a high (more than 90%) level of advancing on prime jumbo collateral," the analysts write. "However, nonbank servicers, such as Nationstar and Ocwen, have advance rates that are substantially lower and have been steadily declining over the past six months."
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Ocwen sends mortgage settlement claim forms to 26,000 in Florida

Residents eligible for $17.8 million of total settlement of $125 million
Ben Lane
“This settlement fund provides Floridians who lost their homes to foreclosure some financial relief for mortgage servicing misconduct and foreclosure abuse,” Florida Attorney General Pam Bondi said.
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