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Tag Archives: Ocwen

Court Affirms Ohio AG’s Case Against Loan Servicer HomEq

Ohio Attorney General Richard Cordray's lawsuit against Barclays Capital Real Estate, dba HomEq Servicing, just took a legal step forward with a recent decision by a state court. This week, a Montgomery County judge overruled the defendant's motion to dismiss, clearing the way for Cordray's case to move forward, and the attorney general says, setting the stage for servicers to be held legally responsible for their actions in the aftermath of the foreclosure crisis.

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Ocwen Pays Less Than Expected for HomEq

Ocwen Financial Corp. paid $1.196 billion for HomEq Servicing, 7.4 percent less than the Florida-based company had initially estimated. Ocwen says 134,000 home loans were transferred from HomEq and immediately boarded onto Ocwen's system on September 1. The reason for the reduction in the purchase price is that the unpaid principal balance of the boarded loans was $5.6 billion less than previously anticipated. Ocwen called it a ""normal runoff.""

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Ocwen Completes HomEq Acquisition, Closes Two Facilities

Ocwen Financial Services closed its purchase of HomEq Servicing last week. The $1.3 billion deal with HomEq parent Barclays Bank was initially announced in May. The transaction aligns two of the foremost names in the business of servicing distressed mortgages. As part of an organizational restructuring, Ocwen says it will close down two HomEq offices in California and North Carolina, and lay off more than 1,000 HomEq staff members.

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REOs the Topic du Jour in Washington

Neighborhoods across the country are riddled with empty bank-owned homes and unoccupied foreclosures that erode neighboring property values and open the door for blight and criminal activity. The nation's glut of vacant REOs took center stage in Washington Wednesday. HUD announced a new nationwide REO ""First Look"" program, in partnership with the nation's largest mortgage lenders, and it was the first of a two-day Federal Reserve summit to examine the community impacts of foreclosed and vacant properties.

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