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12/24/2014
Document #1529247
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http://www.wsj.com/articles/ocwen-shares-fall-16-in-morning-trade-1419348692
MARKETS
Ocwen Shares Fall for Second Day
Ocwen CEO Ronald Faris, pictured in 2009, said Monday the company would withdraw from the business of servicing
mortgages backed by the U.S. government. REUTERS
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USCA Case
#14-5265
Document
Filed: 12/26/2014
Page
2 of 3below
The companys
stock
fell $2.51,
or 16%,#1529247
to $13.50 in morning
trading after
falling
$13 at one point. Analysts at Sterne Agee said Tuesday morning that the mortgage
servicers share price is likely to stabilize around $11.50 to $13 per share, and sliced its
price target to $14.
In a phone
call with
analysts on
Monday
afternoon,
Ocwen CEO
Ronald
Faris said
the
company
will
withdraw
from the
business of
servicing
mortgages
backed by
the
RELATED
U.S.
government. He said that Ocwen would be selling off that servicing portfolio and would
focus just on so-called nonagency mortgages.
The company didnt take questions on the call, which concerned analysts. We have a
lot of work to do before we can accurately estimate what a post-settlement [Ocwen]
will look like, Sterne Agee analysts wrote.
Ocwen announced what amounted to a significant plan to downsize going forward,
said Guy Cecala, the publisher of Inside Mortgage Finance, an industry publication.
http://www.wsj.com/articles/ocwen-shares-fall-16-in-morning-trade-1419348692
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strategy.
He said that, as a nonbank, Ocwen does not have a deposit base to fall back on, but that
the mortgage-servicing business generally does not require large amounts of capital to
operate. And in his presentation on Monday Mr. Faris said that selling off the agency
mortgage rights would free up about $1.7 billion in capital that would be reinvested or
returned to Ocwens shareholders.
The company has already been shrinking due to New York State regulator Benjamin
Lawskys prohibition on new acquisitions. Ocwen reported that at the end of the third
quarter the balances in its servicing portfolio had declined to $411 billion from $465
billion at the end of last year.
Ocwen also plans to build its small business originating new mortgages while engaging
in transactions to repackage residential mortgage-backed securities, activities that
Mr. Faris said would be profitable.
Write to James Sterngold at james.sterngold@wsj.com and Alan Zibel at
alan.zibel@wsj.com
Copyright 2014 Dow Jones & Company, Inc. All Rights Reserved
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http://www.wsj.com/articles/ocwen-shares-fall-16-in-morning-trade-1419348692
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Case 10-11558-j7
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