They won't go out of business but they are up against an enormous digital trail, not just from the CFPB and the NY State monitoring but homeowners are organizing digital data and evidence with help from social media groups, specifically focused on OCWEN's business practices. This isn't going away, it's not a blip on the screen. It all boils down to OCWEN. Will they change their loan servicing software, which is inadequate, and start retraining employees. Employees in INDIA have already stated that the loan servicing software is a major issue. So far we have not seen changes despite the recent settlement. They continue to operate the same way; not crediting payments on same day, a web site which can be intermittent or won't take payments, forced placed insurance, misapplied and miscalculated escrow and all of this results in fraudulent late fees and miscellaneous fees. They won't collapse or go out of business but they are up against a much larger entity of digital evidence and that is very difficult to argue in court even with specialized attorneys. It's not just a few homeowners but they are facing a large unprecedented amount of homeowners. This recent settlement and investigation, which is far from over, is very, very different than the settlement in 2002. The settlement in 2002 was an individual lawyer who took on OCWEN and organized a class action law suit via the internet, with postings and was able to organize collectively. The settlement as of late is very different and much of it was due to the diligence of homeowners on the internet, filing not only with their States Attorney Generals, the BBB and the CFPB but other entities. And, I said it in December and I was correct on all counts, the assumption that many of these homeowners are deadbeats is untrue. There have been major changes between the past, 2002 and now, 2014 in regards to how data is collected and processed. The advantage now is with the homeowner. They won't go out of business though.
Shawn, you are a smart investor that knows your business well. OCN will be at least $60 no more than 6 months. Mark this post of mine and you will be pleased to see that happens between August and September.
Sentiment: Strong Buy
If you love India u wilkl love ocwen they are clueless as to what they are doing.....Ranked F minus the lowest possible rating by the better business bureau and on probation in New York state by the banking commission
This company is the worst i have ever come across they better business bureau ranks them F minus Horrible company lacking management
Billionaire CEO, great businessman, spends 100 percent of his time creating shareholder value, has no kids, is a workaholic, has expense report down to pennies. Issues debt vs selling shares so doesn't dilute us, management owns 15-20 percent of stock so has skin on the game. Regulators via Dodd frank forced banks to sell off msrs, now regulators after non banks? Can't have it both ways, regulators will have to work w ocn since they have become too big to fail. Look out above!
i guess you are not familiar when fear hits the fan. anyway, too much noise here. watch how every pop will be met with more selling.
Sentiment: Strong Sell
Dan Fitzpatrick (sp?) thinks OCN has bottomed. Anyway, I like the chart, huge pullback over, MACD crossed the baseline into positive territory. I think it is very likely that OCN will visit $47 in the near future.
It doesn't sound like the DFS review is BS, but based on the earnings call, it does sound like the company will be an aggressive buyer of its shares once the quiet period ends in a few days. This should help the price action.
Get lost. It's a bunch of freaking noise, just like the river of #$%$ that runs through Wall St. Investor confidence? Those earnings boost investor confidence, not some BS probe taking it down
Although really great earnings, this one is a falling knife on investor confidence with the whole regulatory concern probe going on.
Full year pre-tax earnings on a GAAP basis for 2013 were $335.2 million, a 30% increase over 2012. Full year normalized pre-tax earnings for 2013 increased by 101% over 2012 from $289.4 million to $581.2 million.
Nice job but you need to try harder.
On the 17th when you posted, OCN was not 34. So far in my eyes any rally will be shorted due to heavy bearish sentiment. Watch what happens around 42.50. I was expecting your reply once the pps would move higher. Ego cannot keep quiet. Good luck.
Sentiment: Strong Sell