Some of the names on the move ahead of the open.» Read More
Feb 27- Mortgage servicer Ocwen Financial Corp's quarterly profit jumped 60 percent and revenue more than doubled as banks sell more servicing rights to meet stricter regulations.
Net income attributable to common shareholders rose to $104.3 million, or 74 cents per share, for the fourth quarter ended Dec. 31, from $65.2 million, or 47 cents per share, a year earlier.
Yellen testifies before the Senate Banking Committee Thursday and if she decides to stop using the weather as an excuse for a down economy, watch out.
Feb 26- Credit rating agency Moody's Corp warned that mortgage servicers such as Ocwen Financial Corp could be pushed into subprime lending as their core business comes under increased regulatory scrutiny.
New York's financial regulator said the explosive growth of non-bank mortgage servicers is a "troubling trend" that must be confronted.
NEW YORK, Feb 12- New York's financial regulator on Wednesday said the explosive growth of non-bank mortgage servicers is a "troubling trend" that must be confronted "before more homeowners get hurt."
Some of Thursday's midday movers:
Federal and state officials ordered Ocwen Financial to refund $2 billion to borrowers to resolve allegations of misconduct in mortgage servicing.
WASHINGTON, Dec 19- U.S. officials on Thursday ordered the largest nonbank mortgage servicer to provide $2 billion in help to underwater borrowers to resolve allegations of misconduct that led to thousands of people losing their homes.
WASHINGTON, Dec 19- The U.S. Consumer Financial Protection Bureau and state officials on Thursday ordered Ocwen Financial Corp to provide $2 billion in help to underwater borrowers to resolve allegations of misconduct in mortgage servicing.
NEW YORK, Nov 19- A lawyer for bankrupt Residential Capital on Tuesday asked a judge to confirm the mortgage lender's plan to end its Chapter 11 case and pay back creditors, criticizing "scorched-earth" opposition by bondholders in the opening of what figures to be a marathon hearing.
Friday's midday movers:
NEW YORK, Oct 7- PHH Corp is exploring splitting up its mortgage and auto fleet leasing businesses, and selling each of the units, three people familiar with the situation told Reuters on Monday.
While stocks closed higher, the correction isn't over, Josh Brown of Fusion Analytics says.
Banks have been accused of foreclosing on homeowners because they failed to maintain mortgage paperwork. Now there are signs the same problem hurts mortgage bond investors too.
Homeowners with government-backed mortgages may have a fresh shot at receiving meaningful mortgage relief, but it will likely come with strings attached, reports TheStreet.com.
Ocwen Financial is a servicer of high-risk mortgages. Henry Coffey, Sterne Agee senior research analyst, explains why he believes in this stock.
New rules could make mortgage servicing more expensive, especially for those specialty servicers and level the playing field between them and the big bank servicers.
Take a look at some of Wednesday's midday movers:
NEW YORK-- Government-controlled lender Ally Financial Inc. said Friday that it posted third-quarter net income of $384 million, reversing a loss in the same quarter last year, helped by the absence of losses related to its former mortgage business.