CEO-led group bids to buy Ocwen
From: http://www.bizjournals.com/southflorida/stories/2008/01/14/daily14.html
An investor group led by Ocwen Financial Corp. Chairman and Chief Executive Officer William C. Erbey wants to buy all of the company's outstanding shares for $7 each, Ocwen said.
The group includes Oaktree Capital Management, L.P. and Angelo, Gordon & Co., L.P. In a letter to the West Palm Beach-based loan processing solutions firm's board, the group said it will provide a proposed merger agreement, and that it is prepared to move "very quickly" to finalize the deal.
The letter says the deal would be financed by equity from investment funds managed by the group and equity investments by Erbey, other members of Ocwen's senior management team and certain other existing shareholders of the company, as well as about $150 million of debt or other financing to be used to repurchase the company's debt obligations.
Erbey would remain chairman and CEO of Ocwen (NYSE: OCN) and said he expects senior leadership would stay.
Erbey beneficially owns about 19.7 million shares - a 31 percent stake in the company - a filing with the Securities and Exchange Commission shows.
Ocwen said its board has formed a special committee of independent directors to consider the proposal and has hired Evercore Group as an independent financial adviser to assist with the review.
Shares closed up $2.13 to $6.11. The 52-week high was $16.95 on Jan. 16, 2007. The 52-week low was $3.91 on Jan. 11.
Moody's reviewing Ocwen debt
Moody's Investor Service said the chief executive officer-led buyout of Ocwen Financial Corp. led it to place all of the company's ratings on review with direction uncertain.
The investor group -- which includes Oaktree Capital Management, L.P. and Angelo, Gordon & Co., L.P -- wants to buy all of Ocwen's (NYSE: OCN) outstanding shares for $7 each. In a letter to the West Palm Beach-based loan processing solutions firm's board, the group said it will provide a proposed merger agreement, and that it is prepared to move "very quickly" to finalize the deal.
Moody's said its review will focus on how the proposed acquisition would change Ocwen's capital structure. The ratings agency said, given its initial review of the transaction, Ocwen's debt could decline and its credit profile could improve if the buyout takes place. However, Moody's said the possibility that the company could receive and consider other offers brings an added uncertainty to the ultimate capital structure of the company.
Moody's also said it will evaluate the terms and structure of the transaction. It noted that there are "change of control" provisions in the junior subordinated debentures due 2027 -- rated "Caa1" -- that allow the holders of the securities to require the company to repurchase the debentures.
All of Moody's ratings for Ocwen's debt are below investment grade. It holds a "B2" rating for its senior unsecured shelf debt; a "Caa1" rating for its junior subordinated shelf, backed preferred shelf debt, and backed preferred stock; and a "Caa2" rating for its preferred shelf debt.
Shares closed up 7 cents to $6.16. The 52-week high was $16.95 on Jan. 16, 2007. The 52-week low was $3.91 on Jan. 11.
Showing posts with label Ocwen has many names. Show all posts
Showing posts with label Ocwen has many names. Show all posts
Thursday, January 17, 2008
Sunday, January 13, 2008
OCWEN Mortgage Company Everytime I call I get another loan expert who advises me differently
OCWEN Mortgage Company Everytime I call I get another loan expert who advises me differently.I finally called and requested an appointment stating I would drive the10 hour required to try to resolve issues. Orlando Florida
*UPDATE *UPDATE ..Wrong ABA number for Ocwen. Called to get a correct one after the bank tried to process. FYI Ocwen's new name is ABA -not really
From: http://www.ripoffreport.com/reports/0/294/RipOff0294230.htm
My note was sold to OCWEN Mortgage Company. !) they allege I am not current in my payments. Finally I saw an attorney who got me a copy of my payment history. The bank called me and is getting copies of checks front and back. Hopefully I will have them next week. 2) I called and asked to meet personally one-on-one with them the end of November. they did not show me the courtesy of a call. This means I would have driven 10 hours to keep the appt. but I was willing in order to resolve the mess! 3) When one calls one gets an international who hardly speaks English making it impossible to communicate. 4) I am told by one loan specialist, we will give you a forbearance; how, much can you give us? Not what is rquired. 5) I speak to another loan specialist he states i can't afford a forbearance and there is no need. Just pay by the 14th of the month. when I ask for something in writing I can't get it. 5) The company who sold my contract to OWCEN failed to include taxes (escrow) in my note. One loan specialist tells me they will create an Escrow account. 6) speak to another specialist. He refused to do it because I am not current in my payments. 7) each time one speaks to the company there is another story; another twist - I don't believe them and don't trust themif they reposess my home, they will get $112,000.00 that I put down on it. That is what I call a 'steal' and that is what OCWEN is all about. Their voice mail is to the point of rediculous; they keep you on hold 45 minutes to one hours and then one gets not where with them. They are a terrible company and should be put out of business or investigaged by the proper authorities!What gets me is that they are getting away with it!The U.S. Government is investigating frudulaent, questionable conducts of mortgage companys and financers. Is there is anyone that I can be write to requesting an investigation of OCWEN and their bad possibly bad business practices, lack of knowledgeable personnel and 'their refusal to meet with me one on one' as I requested.In order to pay my taxes current and to bring the 'alleged' back payments up-to-day I am borrowin from my retirement, and You know what, OCWEN does not care.They should be put out of business and should definetely be investigated.I hope other OCWEN customers will add their name to the list - if enough do, something will have to be done.LoisWoodbridge, VirginiaU.S.A.
*UPDATE *UPDATE ..Wrong ABA number for Ocwen. Called to get a correct one after the bank tried to process. FYI Ocwen's new name is ABA -not really
From: http://www.ripoffreport.com/reports/0/294/RipOff0294230.htm
My note was sold to OCWEN Mortgage Company. !) they allege I am not current in my payments. Finally I saw an attorney who got me a copy of my payment history. The bank called me and is getting copies of checks front and back. Hopefully I will have them next week. 2) I called and asked to meet personally one-on-one with them the end of November. they did not show me the courtesy of a call. This means I would have driven 10 hours to keep the appt. but I was willing in order to resolve the mess! 3) When one calls one gets an international who hardly speaks English making it impossible to communicate. 4) I am told by one loan specialist, we will give you a forbearance; how, much can you give us? Not what is rquired. 5) I speak to another loan specialist he states i can't afford a forbearance and there is no need. Just pay by the 14th of the month. when I ask for something in writing I can't get it. 5) The company who sold my contract to OWCEN failed to include taxes (escrow) in my note. One loan specialist tells me they will create an Escrow account. 6) speak to another specialist. He refused to do it because I am not current in my payments. 7) each time one speaks to the company there is another story; another twist - I don't believe them and don't trust themif they reposess my home, they will get $112,000.00 that I put down on it. That is what I call a 'steal' and that is what OCWEN is all about. Their voice mail is to the point of rediculous; they keep you on hold 45 minutes to one hours and then one gets not where with them. They are a terrible company and should be put out of business or investigaged by the proper authorities!What gets me is that they are getting away with it!The U.S. Government is investigating frudulaent, questionable conducts of mortgage companys and financers. Is there is anyone that I can be write to requesting an investigation of OCWEN and their bad possibly bad business practices, lack of knowledgeable personnel and 'their refusal to meet with me one on one' as I requested.In order to pay my taxes current and to bring the 'alleged' back payments up-to-day I am borrowin from my retirement, and You know what, OCWEN does not care.They should be put out of business and should definetely be investigated.I hope other OCWEN customers will add their name to the list - if enough do, something will have to be done.LoisWoodbridge, VirginiaU.S.A.
Saturday, December 22, 2007
Delta Funding / Ocwen Delta Funding and Ocwen create false forclosure to take my equity and home Woodbury New York
From: http://www.ripoffreport.com/reports/0/293/RipOff0293649.htm
I am one of many who has fallen victim to mortgage fraud at the hands of Delta Funding and Ocwen. In short the company created a scenario where my taxes and Mort. payment were mysteriously being paid differently and then not at all. Claims were that I have been behind on Mort. payments in the number of 30 plus payments and that taxes were not collected and some how now lost paperwork. Yes... 30 plus payments... totally impossible. Taxes are a total lie.. if I missed one there would be yellow tape marking off my property. We all know that. So I sent all proof of taxes paid and the 2 and a hlf years of mortgage to what appears to be a fax machine in a vacant building in Florida. Although I had irrefutable proof, I was somehow still bullied into selling my home in order to save it from foreclosure!? I never recouped the lost equity that was very large, and I never had proper representation to file for any recourse. Now I found this site on my own years later after hearing about Mortgage scams. I ask anyone out there to inform me on how to take action and sue this disgraceful company for the money they stole from me... it was enough to secure my parents in their later years. Now every one is suffering.Thanks in advance,ChrisChriscenterport, New YorkU.S.A.
I am one of many who has fallen victim to mortgage fraud at the hands of Delta Funding and Ocwen. In short the company created a scenario where my taxes and Mort. payment were mysteriously being paid differently and then not at all. Claims were that I have been behind on Mort. payments in the number of 30 plus payments and that taxes were not collected and some how now lost paperwork. Yes... 30 plus payments... totally impossible. Taxes are a total lie.. if I missed one there would be yellow tape marking off my property. We all know that. So I sent all proof of taxes paid and the 2 and a hlf years of mortgage to what appears to be a fax machine in a vacant building in Florida. Although I had irrefutable proof, I was somehow still bullied into selling my home in order to save it from foreclosure!? I never recouped the lost equity that was very large, and I never had proper representation to file for any recourse. Now I found this site on my own years later after hearing about Mortgage scams. I ask anyone out there to inform me on how to take action and sue this disgraceful company for the money they stole from me... it was enough to secure my parents in their later years. Now every one is suffering.Thanks in advance,ChrisChriscenterport, New YorkU.S.A.
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