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Stock Market & Financial Investment News

News Breaks
February 12, 2013
16:36 EDTOCN, ASPSAltisource Solutions enters letters of intent to buy some Ocwen units
Altisource Portfolio (ASPS) said it has entered into non-binding letters of intent with Ocwen Financial (OCN) to acquire certain fee-based businesses related to Ocwen's recently acquired Homeward Residential Holdings mortgage servicing and origination business platform and Ocwen's anticipated purchase of the mortgage servicing platform from Residential Capital for a combined purchase price of $218.6M. In connection with the proposed transactions, Altisource and Ocwen will execute a five-year extension until 2025 of certain existing services agreements.
News For ASPS;OCN From The Last 14 Days
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January 26, 2015
08:31 EDTOCN, ASPSOcwen-linked stocks jump after California settlement
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07:59 EDTOCNOcwen denies any basis for default under trust agreements
Ocwen sent a letter to Gibbs & Bruns in response to its letter dated Friday, January 23. The letter satated, "We represent Ocwen Financial Corporation and respond to your letter on behalf of certain hedge funds and other RMBS investors to trustees and master servicers, dated January 23, in connection with 119 RMBS trusts, which are serviced by Ocwen. The letter purports to describe certain contractual breaches that you contend could result in Events of Default under the Trust transaction documents. These are essentially the same baseless allegations that you have already asserted on behalf of some of these same investors in their failed attempt to block the transfer of servicing from OneWest to Ocwen. As you know, those claims were thoroughly reviewed by an independent expert firm retained by the Trustees, and after reviewing that expert report, the Trustees cleared the transfer to Ocwen. The allegations are as groundless now as they were then. Ocwen denies that there is any basis for a default under the Trust agreements, and it will respond, at the appropriate time, after it has had a chance to review the exhibits mentioned in your letter. In the meantime, however, because it is apparent that your letter was drafted in an inflammatory tone, with misleading content, and coordinated with media release so as to create wildly false impressions, we make the following initial points in response. Your letter obscures the ultimate objective of your investor clients: to stop servicers from modifying loans and force them to foreclose on and evict as many struggling homeowners as quickly as possible. While knee-jerk foreclosures may redound to the special economic interests of your clients, they are not in the best interests of the Trusts as a whole, not consistent with industry practice, and therefore prohibited under the servicing agreements. Contrary to the suggestions in your letter, all of Ocwen's mortgage loan modifications, including principal reductions, are designed to be Net Present Value positive. As a result, Ocwen's approach makes sound economic sense because, again, it seeks to service loans in the best interest of the Trusts as a whole. Perhaps most egregious is your clients' continuing objection to the principal reduction modification targets in the government's national mortgage settlements with RMBS issuers and servicers. Indeed, Ocwen's national mortgage settlement provides that such modifications shall be done subject to, and within the confines of, the servicing agreements. We note that your clients' ill-conceived effort to push foreclosures and stop principal reduction is not directly solely at Ocwen but is part of their ongoing industry-wide pro-foreclosure campaign, which has been roundly criticized by numerous national housing, consumer protection and civil rights groups as anti-consumer and contrary to good public policy."
06:10 EDTOCNOcwen implied volatility of 157 at upper end of index mean range
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January 25, 2015
14:24 EDTOCNOcwen settles dispute with California for $2.5M
On Friday evening, the California Department of Business Oversight-DBO announced a $2.5M settlement with Ocwen Loan Servicing, over the firm’s failure for more than a year to provide loan information needed by the DBO to assess Ocwen’s compliance with state mortgage lending laws.“The Department is committed to supporting a fair and secure financial services marketplace for all California consumers,” said DBO Commissioner Jan Lynn Owen. “This settlement allows us to move forward and ensure that Ocwen is meeting its obligations under the law.” Under the consent order agreement, the DBO will select an independent, third-party auditor, paid for by Ocwen, whose duties will include ensuring Ocwen provides the DBO all the information it has requested from loan files. Ocwen also will pay $2.5M in penalties and cover the DBO’s administrative costs associated with the case. The settlement also prohibits Ocwen from taking on any new California customers until the DBO determines the firm can fully respond in a timely manner to future requests for information, and the DBO will drop its effort to suspend Ocwen’s license to operate in California. Filed Oct. 3, the formal accusation grew out of Ocwen’s conduct during a routine regulatory examination and will now be withdrawn. Shares of Ocwen were up over 27% in after hours trading on Friday to $8.08. Reference Link
January 23, 2015
16:54 EDTASPSLeon Cooperman reports 5.06% passive stake in Altisource
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16:32 EDTOCNOn The Fly: Closing Wrap
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14:01 EDTOCNOcwen, Home Loan Servicing slide after BlueMountain claims default event
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13:28 EDTOCNOcwen Financial volatility increases on wide price movement
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13:21 EDTASPSAltisource
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05:58 EDTOCNOcwen implied volatility of 150 at upper end of index mean range
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January 21, 2015
13:45 EDTASPSCooperman files sale of 33K Altisource shares after purchases
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11:49 EDTASPSCooperman raises stake in Altisource with recent purchases
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10:47 EDTASPSOptions with decreasing implied volatility
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05:59 EDTOCNOcwen implied volatility of 152 at upper end of index mean range
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January 20, 2015
10:45 EDTOCNOptions with increasing implied volatility
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09:01 EDTOCNOcwen says Erbey's decision to resign not due to disagreements with company
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08:50 EDTOCN, ASPSAltisource downgraded at Sterne Agee
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08:32 EDTASPSAltisource names John Vella as Chief Revenue Officer
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07:46 EDTASPSAltisource downgraded to Neutral from Buy at Sterne Agee
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07:43 EDTOCN, ASPSAltisource CEO doubts California's case against Ocwen, NY Post says
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