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.