Specialty servicer Ocwen Financial (NYSE: OCN) hasn't had much good news of late, but some of its top executives are buying stock in the company, a bullish indicator. Art Ringwald, president of Ocwen Technology Exchange (an affiliate) recently bought 1,000 shares of OCN at $3.63 per. Ocwen president Ronald Ferris bought 7,000 shares and chairman Bill Erby (or an affiliated party) registered to buy 10,000 shares at $3.68. Then again, according to trading records available via Yahoo!, director Barry Wish and affiliated parties have been dumping shares like crazy. Ocwen lost $50 million in the second quarter. Late last week, its stock was trading at just over $4 a share...
Processing Content
While we're on the subject of specialty servicers (or subservicers), Wachovia's HomeEq Servicing Corp. of California now ranks second among subprime subservicers with a portfolio of $18.5 billion. HomeEq was created from the old Money Store platform. Wachovia's lineage includes First Union, which bought The Money Store. Not too long ago, HomeEq hired Richard "Rick" Lee as its EVP and marketing director. Rick joined HomeEq from that "other" large subservicer in Salt Lake City...
Freddie Mac and Fannie Mae rank first and second, respectively, among mortgage-related political donors. And both give generous amounts of soft money. However, come November, soft money donations will be curbed, thanks to legislation passed in 2001. Sources say both firms are carefully weighing their options in regard to soft money...
Bank of America has upgraded Countrywide to a "strong buy" from a "buy," setting a price target of $66 for the company. On Friday, CCR was trading at $53...
According to The Wall Street Journal, Citigroup is negotiating a $200 million settlement with the Federal Trade Commission to settle alleged predatory lending claims against its Associates unit...
Former HUD secretary Andrew Cuomo (Clinton administration) last week dropped out of the Democratic primary for governor of New York state. During his campaign, his critics noted that Cuomo spent $688,000 of HUD's money to produce and publish a 150-page report (30,000 copies) about his years as housing secretary. Needless to say, he was not favored to win either the primary or the governor's seat...
IN CASE YOU MISSED IT: MBS "godfather" Lewis Ranieri is heading a new REIT that will focus on buying bank branches and office buildings from financial institutions. About 18 months ago, Ranieri sold his Bank United thrift to Washington Mutual.
