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Ocwen Financial (OCN) has repurchased approximately $72.3 million in stock from WL Ross & Co., a private-equity firm in New York.
July 14 -
Ginnie Mae executives are anxiously watching the congressional appropriations process to see if they can hire more personnel to beef up the agency's monitoring and risk management units.
July 8
Ocwen Financial (OCN) has created a
The new group will "work with Ocwen to consider issues such as principal reduction modifications for families with underwater mortgages," the company said Wednesday. The council will also provide a forum for company leaders to communicate with housing policy advocates.
"We view these groups as valued partners in establishing and maintaining open and effective lines of communication with our customers," said Ronald Faris, president and chief executive of Ocwen, in a press release.
The move follows recent criticism from regulators and housing advocates over the Atlanta-based mortgage servicer's dealings with struggling homeowners.
Faris will lead the council as chairman. The initial group will consist of representatives from 15 nonprofit advocacy groups. Additional members may be added, the company said.
Housing policy groups involved in the council praised Ocwen for creating a forum for communication with consumer groups. John Taylor, chief executive of the National Community Reinvestment Coalition, said in the release that the council will address the needs of "traditionally underserved people and families who are struggling to keep their homes."
Ocwen has come under fire in recent months for requiring underwater homeowners to sign non-disparagement agreements in order to receive a loan modification.
New York banking regulator Benjamin Lawsky blasted Ocwen
Ocwen maintains that the legal agreements were used in "only a fraction" of the loans in its portfolio.
"In those cases, we generally request the settling party to agree to refrain from publicly disparaging the company in the future," the company said in a statement provided to American Banker.
Ocwen agreed in June to stop using the legal agreements, following discussions with Lawsky's office.
Earlier this year, Lawsky