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Volume 2014 - Number 42

November 7, 2014

Servicer Rating Downgrades Could Spell Trouble for Ocwen’s MBS Business; Forced Transfers Not Likely, Yet

Rating agencies and Wall Street firms are paying close attention to the mounting regulatory problems at Ocwen Financial, fearful that more bad news could lead to servicing downgrades, which in turn could hamper its ability as a master servicer of MBS. One servicing advisor who has worked with Ocwen over the past two years noted that Fannie Mae and Freddie Mac pay close attention to the master servicing ratings of their counterparties. “You have to maintain minimum ratings and if you don’t – there’s going to be trouble,” he said. Downgrades, he added, can lead...

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This weekly covers the secondary mortgage market, including mortgage-backed securities and asset-backed securities.

 

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