City of Milwaukee and Ocwen Financial Corporation Announce Five-Part Plan to Assist Milwaukee Homeowners
January 28 2016 - 4:30PM
Ocwen Financial Corporation (NYSE:OCN) and the City of Milwaukee
announced an initiative to provide substantial assistance through a
five-part plan designed to reduce blight and help Milwaukee
homeowners meet their housing needs over the next three years
(2016-2018). Ocwen will provide the assistance through a
combination of company, City of Milwaukee, and local non-profit
programs to help residents throughout the city keep and repair
their homes.
Under the plan, Ocwen will enhance its efforts to provide
mortgage loan modifications to Ocwen’s customers in the city to
help qualified customers reduce their mortgage payments and avoid
foreclosure. The company will also provide a $225,000 donation over
three years to support the City of Milwaukee’s Strong Homes Loan
program. The Strong Homes Loan program is targeted to homeowners
who are underwater, but current on their mortgage, and who need
assistance for capital improvements.
“I’m pleased Ocwen shares my commitment to doing everything we
can to keep Milwaukee homeowners in their homes. This program will
help homeowners who face economic challenges by providing loan
modifications as well as low interest loans to help finance
critical repairs to their homes,” said City of Milwaukee Mayor Tom
Barrett. “Residents who own their homes add value and stability to
Milwaukee neighborhoods, and I don’t want anyone to lose their home
unnecessarily.”
Ocwen will also work with non-profit community partners and the
City to conduct face-to-face customer outreach events over the next
three years to assist Ocwen customers struggling with their
mortgage payments. The company has committed to provide
$200,000 in grants to community partners over the next three years
to help accomplish this goal.
Finally, to assist with community revitalization efforts, Ocwen
will review its real estate owned properties in Milwaukee for
possible donation so that they can be rehabilitated by local
families or non-profits and be put back to use in
communities.
“As a nationwide servicer, Ocwen understands the foreclosure
crisis is not over and that many geographic areas in the country,
including Milwaukee, are still dealing with the aftermath of the
mortgage crisis. We understand the problems facing homeowners and
communities across America and we look forward to working with the
City to offer real solutions and financial support that can help
make a difference for homeowners in Milwaukee,” commented Ron
Faris, President and CEO of Ocwen. “Since 2008, more than 2,000
Milwaukee families have received a modification from Ocwen and over
half of those involved a reduction in principal.”
Mr. Faris continued, “We appreciate the assistance and guidance
from Mayor Tom Barrett and Common Council President Michael Murphy,
who helped us better understand the local challenges facing the
community and worked with us to find solutions. Ocwen is committed
to helping homeowners have every opportunity to remain in their
homes and we are pleased to be working with the entire City of
Milwaukee to make this happen.”
The five point plan is the product of discussions among the
Mayor, Common Council President, and Ocwen since July 2015.
“The foreclosure crisis in Milwaukee was complex – its
impact is still felt by many homeowners in our city,” said Common
Council President Michael J. Murphy. “Partnerships have been an
integral element to fighting the debilitating effect
foreclosures have on neighborhoods. This newest
partnership will not only help people stay in
their homes, but it also helps homeowners make
the repairs needed to make their properties a positive asset
in their neighborhood.”
About Ocwen Financial Corporation
Ocwen Financial Corporation is a financial services holding
company which, through its subsidiaries, is engaged in the
servicing and origination of mortgage loans. Ocwen is headquartered
in West Palm Beach, Florida, with offices throughout the United
States and support operations in India and the Philippines.
Utilizing proprietary technology, global infrastructure and
superior training and processes, Ocwen provides solutions that help
homeowners and make our clients’ loans worth more. Ocwen may post
information that is important to investors on its
website (www.Ocwen.com).
FOR FURTHER INFORMATION CONTACT
John Lovallo
T: (917) 612-8419
E: jlovallo@levick.com
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