Author Topic: OCN - Ocwen Financial  (Read 149247 times)

gurpaul88

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valcont

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Re: OCN - Ocwen Financial
« Reply #611 on: April 20, 2017, 02:00:47 PM »
That was a bloodbath. This has been a bad year so far. I had 20% of my portfolio in this. Down 10% and out , add 3% of RTK losses and I am already down 13% this year. It'll be an embarrassing year end returns.

Not worried about the CFPB suit but the NC charges are pretty bad , there is no way they'll settle escrow account irregularities. With NRZ down 13% today ,I am not sure how long they will put up with OCN.This is going into restructuring.

roark33

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Re: OCN - Ocwen Financial
« Reply #612 on: April 20, 2017, 02:04:34 PM »
My question was why NRZ might suffer from this, if anything, they will just pick up the pieces and get all the MSRs....?  ASPS is also screwed.  Their non-ocwen stuff is worthless

valcont

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Re: OCN - Ocwen Financial
« Reply #613 on: April 20, 2017, 02:30:41 PM »
My question was why NRZ might suffer from this, if anything, they will just pick up the pieces and get all the MSRs....?  ASPS is also screwed.  Their non-ocwen stuff is worthless

OCN has subservicing rights to some of the MSRs that NRZ acquired from HLSS. If there is a  rating downgrade then they may have to move the servicing. Who will service that portfolio cheaper than Ocwen? There is also some language in their 10K , that the bondholders have an option to terminate subservicer and servicers.

morningstar

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Re: OCN - Ocwen Financial
« Reply #614 on: April 20, 2017, 07:06:00 PM »
My question was why NRZ might suffer from this, if anything, they will just pick up the pieces and get all the MSRs....?  ASPS is also screwed.  Their non-ocwen stuff is worthless

OCN has subservicing rights to some of the MSRs that NRZ acquired from HLSS. If there is a  rating downgrade then they may have to move the servicing. Who will service that portfolio cheaper than Ocwen? There is also some language in their 10K , that the bondholders have an option to terminate subservicer and servicers.

There are also excess MSR arrangements and maybe other arrangements where NRZ has potential counterparty risk to OCN - either where, upon OCN's bankruptcy, the OCN estate would attempt to prevent NRZ from exercising its rights over assets that are legally owned by OCN, or where a trustee could replace OCN as master servicer, rendering excess MSRs held by NRZ worthless.