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Ocwen Is Ocdaed: Mortgage Servicer Crashes After California Seeks To Suspend Its Mortgage License
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
zerohedge.com / by Tyler Durden / 01/13/2015 09:58
A little over a year ago, Ocwen was the darling of hedge funds everywhere, with such luminaries as Steve Eisman pitching it at the Ira Sohn 2013 idea conference. Since then things went downhill and fast for the mortgage servicer, which after being branded “the “Next Generation Subprime Lender” by Moodys earlier in 2014, become the primary target of the NY State regulator. However, while the company’s troubles with the state of New York were not life ending, as one major settlement could put everything in the past, the latest development out of the state of California may have just killed Ocwen’s (whose disingenuous name comes from spelling Newco backward) business model, after the LA Times reported the state was “seelomg to suspend the mortgage license of Ocwen Financial.”
The post Ocwen Is Ocdaed: Mortgage Servicer Crashes After California Seeks To Suspend Its Mortgage License appeared first on Silver For The People.
Thanks to BrotherJohnF
Source: http://silveristhenew.com/2015/01/13/ocwen-is-ocdaed-mortgage-servicer-crashes-after-california-seeks-to-suspend-its-mortgage-license-2/
