Ocwen Financial names Wilbur Ross to board

Ocwen Financial appoints WL Ross Chairman and CEO Wilbur Ross to board of directors

Associated Press

ATLANTA (AP) -- Loan servicing company Ocwen Financial Corp. said Wednesday it appointed billionaire investor Wilbur Ross to its board of directors.

Ross, chairman and CEO of the private equity firm WL Ross & Co., specializes in making big profits through buying up bad debt. He is the seventh member of Ocwen's board.

In December Ocwen bought Homeward Residential Holdings, a mortgage servicing company, from WL Ross for $750 million in cash and stock.

In midday trading, Ocwen shares added 18 cents to $40.52.

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