Wilbur Ross Joins Ocwen Financial's Board

Published March 13, 2013, 8:10 a.m. EDT

Updated March 13, 2013, 10:30 a.m. EDT

1 Min Read

Ocwen Financial (OCN) has added Wilbur Ross Jr. to its board.

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Ross has served as a board observer since Ocwen bought Homeward Residential Holdings from WL Ross & Co. in December. Ross is chairman and chief executive of WL Ross.

"Ross' significant experience in finance and outstanding track record as an investor will provide excellent insight to our board to help us achieve our strategic goals," William Erbey, Ocwen's executive chairman, said in a press release Wednesday.

"I have been impressed with the company's exceptional growth and innovative approach to the mortgage industry," Ross said in the release. "Ocwen's dedication to homeownership preservation appeals to both customers and shareholders alike."

Homeward Residential has drawn attention recently from the Department of Justice and the Consumer Financial Protection Bureau. Earlier this week, Ocwen agreed to buy a portfolio of mortgage servicing rights from Ally Financial.

Paul Davis

Founder, Bank Slate

Paul Davis is the founder of Bank Slate, a financial strategy and research firm. He previously led community bank coverage at American Banker.

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