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Msg  2947 of 3043  at  8/16/2019 12:48:15 PM  by

rlp2451


More Ocwen

Ocwen’s CEO Puts His Money Where His Mouth Is / $197,560 Spent / A Bullish Sign? / Ocwen Launches New Reverse Product /
pmuolo@imfpubs.com

It’s not every day that the president and CEO of a money-losing, revenue-declining publicly traded mortgage shop loads up on his company’s stock in the open market. But that’s exactly what Ocwen Financial Corp. chief Glen Messina did in mid August, according to Form 4s filed with the Securities and Exchange Commission…

On the job since last year, Messina on Aug. 9 bought 40,000 shares of Ocwen common, paying $1.42 and then followed it up a few days later buying 92,000 shares at $1.53 a unit. Overall, the CEO of the nation’s 12th largest mortgage servicer (according to Inside Mortgage Finance) spent $197,560, not exactly chump change. Then again, Ocwen provided the veteran mortgage executive with a compensation plan valued at $6.96 million last year…

Generally, it’s a bullish sign when executives purchase shares of their companies in the open market, especially if they’re paying cash as opposed to buying on margin. Ocwen hopes to be profitable again in as soon as seven months…

Meanwhile, Ocwen received some other good news this week when the U.S. Court of Appeals for the Eleventh Circuit threw out a civil suit filed by investors (including the University of Puerto Rico Retirement System) that accused the nonbank lender/servicer of securities fraud. According to the original lawsuit, the plaintiffs argued they relied on “materially misleading statements and omissions concerning the likelihood of achieving regulatory compliance.” In years past, regulators have sanctioned Ocwen for faulty servicing practices. The company settled those allegations and has tried to clean up its reputation. Defendants in the case included not only Ocwen but now-former CEO Ronald Faris…

Ocwen’s shares once traded as high as $58 a unit. Today it’s less than $2…

In case you didn’t know: Ocwen’s Liberty Home Equity Solutions recently launched a non-agency reverse mortgage product. The EquityIQ loan allows borrowers to access up to $4 million in up-front cash, among other features. The product is available through Liberty’s retail and wholesale channels.


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