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July 16, 2014
07:07 EDTOCNOcwen Financial creates Community Advisory Council
Ocwen Financial announced the creation of a Community Advisory Council. The Council will provide a forum for Ocwen leaders and community advocates to share ideas, discuss policy issues and collaboratively identify opportunities for Ocwen to have a positive impact on local communities, particularly those hit hardest by the economic downturn. The Council will work with Ocwen to consider issues such as principal reduction modifications for families with underwater mortgages; reducing urban blight; helping communities of color that have been hardest hit by the mortgage crisis; and improving language access to borrowers with limited English proficiency. The Council will be chaired by Ronald Faris, president and CEO of Ocwen, and will initially consist of 15 leading non-profit community advocates and housing counseling agencies from around the country. Other members may be added to the Council in the future.
News For OCN From The Last 14 Days
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February 23, 2015
11:43 EDTOCNOcwen volatile after MSR sale, New Residential deal for Home Loan Servicing
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11:24 EDTOCNOcwen resumes trading, shares now up 17c to $9.77
11:22 EDTOCNOcwen halted for volatility after bounce off lows
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09:25 EDTOCNOn The Fly: Pre-market Movers
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08:06 EDTOCNOcwen up 6.8% following sale of mortgage servicing rights to Nationstar
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07:47 EDTOCNOcwen to sell $9.8B portfolio of mortgage servicing rights to Nationstar
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February 18, 2015
09:16 EDTOCNOcwen comments on Home Loan Servicing agreement with HSART Trust
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February 12, 2015
10:03 EDTOCNMangrove nominates five director nominees for Home Loan Servicing board
The Mangrove Partners Master Fund, a significant shareholder of Home Loan Servicing Solutions (HLSS), announced it has formally nominated five highly qualified and independent director nominees Nathaniel August, Kevin J. Doyle, John S. Dubel, A. Jay Meyerson and Amy C. Schumacher for election to the Board of Directors of HLSS at its upcoming 2015 Annual General Meeting of shareholders. Nathaniel August, the founder and President of Mangrove Partners and a nominee, stated: "As we have previously explained to the Board, we have serious concerns that this Board is exposing HLSS shareholders to potentially significant value destruction through the company's continued relationship with Ocwen (OCN). We believe that ending the company's relationship with Ocwen both protects shareholders from value destruction and moreover has the potential to generate significant additional value. Our valuation work leads us to believe that transferring the servicing rights away from Ocwen could create significant value for HLSS between $8 and $13 per share of incremental value to HLSS in our reasonable estimation. Based on the company's book value on September 30, 2014, this would represent an increase in book value of between 44% and 72%. But instead of action, this Board has provided us with nothing more than vague assurances that it has been working to address these issues. Given the significant value destruction that shareholders are facing coupled with the value-creating opportunity this Board appears intent on wasting, empty promises and ambiguous commitments are moot. That is why we are taking the extraordinary step of nominating a slate of five highly qualified independent nominees to the Board who we believe will be committed to completing the strategic actions necessary to protect and enhance shareholder value at HLSS. While we remain open to further discussion with the Board and are amenable to reaching a mutually agreeable resolution that benefits all shareholders, we remain firm in our position on this matter HLSS must terminate its relationship with Ocwen. If this Board continues to refuse to take action, we look forward to presenting shareholders with what we believe will represent the far superior choice of leadership at the company's 2015 Annual Meeting.

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