Ocwen Financial Corp. (OCN) has hired Moelis & Co. LLC and Barclays Capital Inc. to run a review of strategic options and also to advise on potential capital structure adjustments. The mortgage servicer has drawn ire from regulators and investors as investigations have revealed violations such as backdated letters related to home foreclosures. Certain investors have served Ocwen with default notices due to these violations, and the company has also been removed as servicer on two trusts that make up 0.07% of its servicing portfolio. While these terminations don’t account for a large portion of Ocwen’s business, some observers fear more could follow. The last few weeks have been full of rapid-fire developments for Ocwen, and Lisa Allen has the details from New York.
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