Ocwen order could hit RMBS

Ocwen
By Ryan Bolger
23 Dec 2014

Servicer advance securitizations by Ocwen Financial, and RMBS tied to Ocwen’s servicing, could yield less for investors than expected following a $150m settlement and consent order it reached with the New York Department of Financial Services (NYDFS) last Friday.

The mega-servicer’s executive chairman and majority shareholder, William Erbey, was ordered to resign from Ocwen and its affiliated Altisource companies effective January 16 as part of the settlement related to conflicts of interest at the companies. Erbey is the chairman of the board for Ocwen and ...

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