A Tale of Two Nonbank Giants: Ocwen’s Outlook Improves, While PHH Continues to ‘Self Liquidate’
November 10, 2016
PHH Corp. and Ocwen Financial – both large publicly traded nonbank mortgage lenders – released third quarter results suggesting that at least one of them, Ocwen, might have a future. Ocwen, which has been bleeding red ink for roughly two years, posted net third-quarter earnings of $9.4 million, though there were several caveats to its results, including previously announced legal settlements that have yet to be paid. Still, Ocwen continued...