Mortgage servicer Ocwen Financial (OCN) has had a rough few months, but Keefe, Bruyette & Woods analyst Bose George is telling people to go ahead and buy Ocwen stock after the selloff, reports Philip W. van Doorn, a reporter for TheStreet.
Ocwen faced grim news this week with major news agencies reporting that the New York Superintendent for Financial Services had forced the mortgage servicer to assign an independent monitor to oversee its loan servicing operations.
Not to mention, Ocwen in recent months has fallen under the gaze of Fitch Ratings which started analyzing the firm's rapid acquisition of MSRs.
However, Bose George is more optimistic, according to TheStreet article.
TheStreet cites George as saying, "while OCN is required ot pay for costs associated with the monitor, we expect these costs to be moderate. Additionally, we do not expect this to prevent future mortgage servicing rights acquisitions."
He sees the pending MSR acquisitions closing at Ocwen and said after the market selloff, Ocwen is a buy.