pmuolo@imfpubs.com  

The share price of Ocwen Financial has been in the tank for several years, peaking at $58 a unit earlier in the decade, but that isn’t stopping company insiders from buying small stakes in the mega-servicer, using cash no less.

Since early August, insiders who bought positions include CEO Glenn Messina (132,000 shares), Chief Financial Officer June Campbell (33,750), and Directors Kevin Stein (30,000), Jenne Britell (31,600) and Jacques Busquet (30,000).

The price paid per share ranges from $1.50 to $1.73. Overall, the five spent almost $400,000 of their own money. (Ocwen’s 52-week low is $1.20.)

The disclosures came to light after the company filed Form 4s with the Securities and Exchange Commission, providing certain details on the acquisitions. Most in the group own the shares directly, though Stein has some indirect ownership through a trust. Also, the Form 4s were filed just days after Ocwen reported a large loss for the second quarter.

As IMFnews went to press Tuesday, Ocwen’s share price was down 3.07% on the day to $1.74. For more details on the story, see Inside Mortgage Trends, now available online.