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Stock Market & Financial Investment News

News Breaks
February 27, 2014
07:42 EDTOCN, WFCOcwen Financial says working cooperatively with the NYDFS to address concerns
Ocwen (OCN) said "We are working cooperatively with the New York Department of Financial Services to address its concerns that led to an indefinite hold on our transaction with Wells Fargo (WFC). Longer-term we believe developments remain positive for our business, particularly in three areas. First, prepayments continue to trend lower, lengthening the duration of our assets. Secondly, Ocwen's continued ability to help homeowners with foreclosure alternatives along with an improving economy continues to drive down delinquencies on loans we service and further slows prepayments. Lastly, the OASIS financing that we just closed should enhance our prime origination business. Oasis enables us to reduce our exposure to prepayment risk and lower our cost of capital disadvantage vis--vis commercial banks."
News For OCN;WFC From The Last 14 Days
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January 26, 2015
09:19 EDTOCNOn The Fly: Pre-market Movers
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09:13 EDTOCNOcwen to 'vigorously defend itself against' BlueMountain allegations
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08:53 EDTOCNBig name mortgage investors take step toward Ocwen lawsuit, Reuters says
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08:31 EDTOCNOcwen-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."
07:45 EDTWFCFifth Third Bancorp to buy back $180M of stock from Wells Fargo
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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 firms failure for more than a year to provide loan information needed by the DBO to assess Ocwens 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 DBOs 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 Ocwens license to operate in California. Filed Oct. 3, the formal accusation grew out of Ocwens 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
16:32 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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07:23 EDTWFCBass does not expect large U.S. banks to break up
Publicly traded companies in the space include Bank of America (BAC), Citi (C), JPMorgan (JPM), and Wells Fargo (WFC). Kyle Bass of Hayman Capital continues speaking on CNBC.
06:42 EDTWFCU.S. banks preparing for prolonged low bond yields, Reuters says
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05:58 EDTOCNOcwen implied volatility of 150 at upper end of index mean range
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January 22, 2015
14:36 EDTWFCCFPB fines Wells Fargo, JPMorgan for kickback scheme
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January 21, 2015
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 EDTOCNAltisource downgraded at Sterne Agee
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07:43 EDTOCNAltisource CEO doubts California's case against Ocwen, NY Post says
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