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Ocwen Financial Announces Pricing of $400 Million of Senior Secured Notes Due 2026 by PHH .
Ocwen Financial Corp.February 26, 2021 GMT
WEST PALM BEACH, Fla., Feb. 26, 2021 (GLOBE NEWSWIRE) Ocwen Financial Corporation (NYSE: OCN) (“Ocwen” or the “Company”), a leading non-bank mortgage servicer and originator, today announced that its subsidiary PHH Mortgage Corporation (“PMC”) priced $400 million aggregate principal amount of 7.875% Senior Secured Notes due 2026 (the “Notes”) at a price to investors of 99.486% of the principal amount thereof. The Notes will be guaranteed on a senior secured basis by the Company and PHH Corporation, the parent company of PMC and subsidiary of the Company (“PHH”).
Quarterly Results
Earnings per share decreased 20.69% year over year to $0.23, which missed the estimate of $0.26.
Revenue of $23,882,000 up by 36.41% from the same period last year, which beat the estimate of $17,400,000.
Outlook
Revenue guidance hasn t been issued by the company for now.
Technicals
Company s 52-week low was at $1.53
Price action over last quarter: Up 8.67%
Company Overview
Orchid Island Capital Inc invests in residential mortgage-backed securities (RMBS) across the United States. The principal and interest payments of its RMBS are guaranteed by the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, or the Government National Mortgage Association, and are backed by single-family residential mortgage loans. The company s investment portfolio is divided into two categories namely traditional pass-through Agency RMBS; and structured Agency RMBS, such as collateralized mortgage obligations, interest only securities, inverse inter
Former Florida congressman fined $456,000 for propping up a ringer candidate
Judge Marcia Cooke said Riveraâs violations were knowing, willful and injured the public.
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In this Nov. 2, 2010, file photo, Republican David Rivera speaks to supporters in Coral Gables, Fla. A federal judge ruled Tuesday that former U.S. Rep. David Rivera, R-Fla., violated campaign finance law when he funneled $75,927 in campaign money to a novice political candidate running against Riveraâs likely Democratic challenger in Floridaâs 26th Congressional District â and ordered Rivera to pay a $456,000 fine for devising a scheme he knew was illegal.
By Alex Daugherty
Updated Feb. 24
WEST PALM BEACH, Fla., Feb. 24, 2021 (GLOBE NEWSWIRE) Ocwen Financial Corporation (NYSE: OCN) (“Ocwen” or the “Company”), a leading non-bank mortgage servicer and originator, today announced that its subsidiary PHH Mortgage Corporation (“PMC”) plans to offer, subject to market and other conditions, $400 million aggregate principal amount of Senior Secured Notes due 2026 (the “Notes”). The Notes will be guaranteed on a senior secured basis by the Company and PHH Corporation (“PHH”), the parent company of PMC and subsidiary of the Company. The net proceeds from the offering will be used, together with the net proceeds from the Company’s previously announced private placement of $199.5 million aggregate principal amount of senior secured second lien notes to funds managed by Oaktree Capital Management, L.P., to repay in full $498 million of indebtedness of Ocwen, including PMC’s Senior Secured Term Loan,
Portland metro homes for sale: High competition, low interest rates push average sale price to $514,700 OregonLive.com 2/17/2021 Janet Eastman, oregonlive.com
What did the new year bring to Portland’s highly competitive housing market? More pressure on buyers to offer the best deal, beyond price.
With sellers still in the power position, home shoppers vying to rise to the top of a bidding war are buying “as is” and not requiring fixes found during an inspection.
They’re willing to increase the down payment to more than 20% if an appraisal value comes in lower than the offer and they’re agreeing to other requests, some of which haven’t been seen since the real estate boom years of 2005 through 2007.