ADVFN - Advanced Financial Network.
HOME» NYSE » O » OCN Stock Price » OCN Stock News

Ocwen Share News

 Ocwen Financial Corp. Stock Price
OCN Stock Price
 Ocwen Financial Corp. Stock Chart
OCN Stock Chart
 Ocwen Financial Corp. Stock News
OCN Stock News
 Ocwen Financial Corp. Company Information
OCN Company Information
 Ocwen Financial Corp. Stock Trades
OCN Stock Trades

Obama Administration To Withhold Bank Incentive Payments

By Alan Zibel Of DOW JONES NEWSWIRES WASHINGTON -(Dow Jones)- The Obama administration is taking the first steps to punish mortgage companies for poor performance in its loan assistance program, withholding incentive payments for three of the nation's largest banks. An administration official said Thursday that Bank of America Corp. (BAC), Wells Fargo & Co. (WFC) and J.P. Morgan Chase & Co. (JPM) need "substantial improvement" in how they process requests for mortgage modifications. The three companies, which received $24 million in government incentive payments last month, won't get any more payments until their performance improves. The U.S. Treasury Department found deficiencies in each company's process for assisting homeowners in danger of foreclosure as part of the government's Home Affordable Modification Program. The companies also had deficiencies in following the program rules--including how they evaluate homeowners for help and communicate with them. A fourth company, Ocwen Financial Corp. (OCN), was also found to be in need of improvement, but Treasury officials decided not to penalize the company because its problems stemmed from an acquisition of loans serviced by another company, HomEq Servicing, which Ocwen purchased last year. The action addresses a longstanding complaint from consumer advocates that the Treasury has failed to effectively police the more than 100 participating companies in the HAMP program. The Obama administration launched the HAMP initiative in early 2009 as an attempt to reverse the rising number of home foreclosures by reducing families' mortgage payments, typically by lowering the interest rate and extending the term of a loan. Mortgage servicing companies receive incentive payments to enroll borrowers, but the program has fallen far short of initial expectations. As of May, it has helped about 587,000 U.S. homeowners avoid losing their homes through permanent loan modifications, with the goal being to help 3 million to 4 million borrowers. The Treasury's decision to withhold payments was reported in Thursday's Washington Post. -By Alan Zibel; 202-862-9262; alan.zibel@dowjones.com

Stock News for Ocwen (OCN)
DateTimeHeadline
07/28/201606:09:57Quarterly Report (10-q)
07/27/201616:47:35Current Report Filing (8-k)
07/27/201616:20:00Ocwen Financial Announces Operating Results For Second Quarter...
07/22/201611:11:56Statement of Changes in Beneficial Ownership (4)
07/21/201607:30:00Ocwen Financial Corporation Schedules Conference Call - 2nd Quarter...
07/20/201606:02:19Current Report Filing (8-k)
07/19/201608:15:00Ocwen and NID to Hold Borrower Outreach Event in San Bernardino
07/08/201608:15:00Ocwen Delivers Borrowers Solutions Through the U.S. Department...
06/30/201616:15:00Ocwen and NID Announce California-Focused Homeowner Initiative
06/28/201618:42:59Statement of Changes in Beneficial Ownership (4)
06/23/201613:10:00Ocwen to Pay $30 Million to Resolve Disclosure Suits
06/23/201606:35:32Current Report Filing (8-k)
06/22/201608:50:00Technical Report on Mortgage Investment Equities - Ally Financial...
06/08/201616:20:00Ocwen and NAACP Help & Hope For Homeowners Florida Event Provides...
06/08/201611:00:50Statement of Changes in Beneficial Ownership (4)
05/25/201608:30:00Independent Expert Consultant Finds RMBS Investors’ Allegations A...
05/24/201615:17:00Lifshitz & Miller Law Firm Announces Investigation of Code Rebel...
05/18/201617:41:47UPDATE -- Ocwen Hosts Seventh Annual Housing Advocacy and Policy...
05/18/201613:00:00Ocwen Hosts Seventh Annual Housing Advocacy and Policy Forum
05/13/201618:05:22Statement of Changes in Beneficial Ownership (4)

Ocwen Financial and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2015 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad