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Ocwen
Ocwen Financial Corporation is a provider of residential and commercial mortgage loan servicing, special servicing, and asset management services, which has been described as "debt collectors, collecting monthly principal and interest from homeowners". Ocwen was founded in 1988 by William Erbey and is headquartered in West Palm Beach, Florida, with additional offices in Mount Laurel, NJ, Rancho Cordova, California, and St. Croix, U.S. Virgin Islands. It also has support operations in the Philippines and India. Ocwen's Slogan is "Helping Homeowners Is What We Do." Corporate affairs Ocwen is licensed to service mortgage loans in all 50 states, the District of Columbia and two U.S. territories. Ocwen has been servicing residential mortgage loans since 1988 and subprime mortgage loans since 1994. As of 2010, Ocwen's subprime servicing volume was $56 billion, ranking it fourth in subprime servicing behind American Home Servicing ($78 billion), Bank of America/Countrywide ($82 billion ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
William Erbey
William Erbey is an American businessman and the founder of Ocwen Financial Corporation. Erbey made billions during the subprime mortgage crisis by positioning Ocwen to take advantage of larger banks leaving the market; however, he later lost much of his wealth amid allegations of frequent legal violations and conflicts of interest by the company. In 2014, these conflicts of interest led to Erbey's resignation from Ocwen's board as part of a settlement with the New York Department of Financial Services. Ocwen Financial Corporation Erbey was the founder of Ocwen Financial Corporation, a mortgage services company that made large amounts of money during the subprime mortgage crisis. In 2014 he stepped down as board chairman as part of a settlement with the New York Department of Financial Services, and resigned from positions at several related companies, over what the New York regulator called "serious conflicts of interest." Erbey chaired, and was the largest stakeholder for, fo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
PHH Corporation
The PHH Corporation is an American financial services corporation headquartered in Mount Laurel, New Jersey which provides mortgage services to some of the world's largest financial services firms. PHH is the biggest U.S. outsourcer of home loans, processes and originates mortgages on behalf of small banks and some of the world's largest financial firms, including Morgan Stanley and HSBC Holdings Plc. On October 4, 2018 Ocwen Financial completed its acquisition of PHH Corporation and PHH is now a wholly owned subsidiary of Ocwen Financial Corp. History PHH was founded by Duane Peterson, Harley Howell and Richard Heather in 1946 in Mount Laurel, New Jersey and incorporated in 1953 as a Maryland corporation providing mortgage services, employee relocation services, fleet management services. Between April 30, 1997 and February 1, 2005, PHH was a wholly owned subsidiary of Cendant Corporation (now known as Avis Budget Group) and its predecessors that provided mortgage banking ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Home Mortgage
American Home Mortgage Investment Corporation was the 10th largest retail mortgage lender in the United States and was structured as a real estate investment trust (REIT). In 2007, it filed for bankruptcy and was liquidated. The company was focused on earning net interest income from self-originated loans and mortgage-backed securities, and through its taxable subsidiaries, from originating and servicing mortgage loans for institutional investors. Mortgages were originated through the company's employees as well as through mortgage brokers and purchased from correspondent lenders and were serviced at the company's servicing center in Irving, Texas. The company filed for Chapter 11 bankruptcy protection in Wilmington Delaware federal court, on August 6, 2007. The week before the filing, the company said that many of its lenders had demanded their money back, and that AHM was also unable to deliver on about US$800 million in commitments for housing loans, and had laid off nearly n ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
West Palm Beach, Florida
West Palm Beach is a city in and the county seat of Palm Beach County, Florida, United States. It is located immediately to the west of the adjacent Palm Beach, which is situated on a barrier island across the Lake Worth Lagoon. The population was 117,415 at the 2020 census. West Palm Beach is a principal city of the Miami metropolitan area, which was home to 6,138,333 people in 2020. It is the oldest incorporated municipality in the South Florida area, incorporated as a city two years before Miami in November 1894. West Palm Beach is located approximately north of Downtown Miami. History The beginning of the historic period in south Florida is marked by Juan Ponce de León's first contact with native people in 1513. Europeans found a thriving native population, which they categorized into separate tribes: the Mayaimi in the Lake Okeechobee Basin and the Jaega and Ais people in the East Okeechobee area and on the east coast north of the Tequesta. When the Span ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Loan Servicing
Loan servicing is the process by which a company (mortgage bank, servicing firm, etc.) collects interest, principal, and escrow payments from a borrower. In the United States, the vast majority of mortgages are backed by the government or government-sponsored entities (GSEs) through purchase by Fannie Mae, Freddie Mac, or Ginnie Mae (which purchases loans insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA)). Because GSEs and private loan investors typically do not service the mortgage loans that they purchase, the bank who sells the mortgage will generally retain the right to service the mortgage pursuant to a master servicing agreement. The payments collected by the mortgage servicer are remitted to various parties; distributions typically include paying taxes and insurance from escrowed funds, remitting principal and interest payments to investors holding mortgage-backed securities (or other types of instruments backed by ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Coppell, Texas
Coppell ( ) is a city in the northwest corner of Dallas County in the U.S. state of Texas. It is a suburb of Dallas and a bedroom community in the Dallas–Fort Worth metroplex. Its population was 42,983 at the 2020 census. A small area in the far northern portion of the city extends into neighboring Denton County. History The Coppell area was settled by German and French immigrants in the 1840s. Members of the Peters Colony also settled here in the 1840s. Originally named Gibbs Station, after Barnett Gibbs (one of Texas's first lieutenant governors), the town was renamed in 1892 for George Coppell, a wealthy English financier, who came to the United States in the 1880s, and was reportedly heavily involved with the final construction of the local railroad line. Popular belief is that he was an engineer, but little or no evidence supports that claim. In 1955, the community was incorporated through a ballot measure that passed by a vote of 41 to 1. Spurred by the opening of Dalla ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Aurora Bank
Aurora Bank was a federal savings bank (FSB) headquartered in Wilmington, Delaware, established in 1921 under the name Delaware Savings And Loan Association.Aurora Bank, FSB Federal Deposit Insurance Corporation. Retrieved November 25, 2010Banking OnGreen. Retrieved November 23, 2010 It reorganized as an FSB in 1988Office of the State Bank Commissioner Annual Report for 2009 State of Delaware, December 31, 2009. Retrieved November 24, 2010 and became ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
WL Ross & Co
WL Ross & Co is a private equity company founded and based in New York by Wilbur Ross in April 2000. The company focuses on investments in financially distressed companies with undervalued stocks, in the $100 to $200 million range, usually in the United States, Asia, Korea, Ireland, Japan, France and China. By acquiring majority stake in their investments through purchases and/or buyouts, WL Ross & Co. LLC then have the option of restructuring, turnarounds, mergers, reorganizations and industry consolidation. Starting in 2002, WL Ross began acquired the assets of bankrupt steel companies such as LTV Steel Corp, Bethlehem Steel, Weirton Steel, Acme Steel, Georgetown Steel, Youngstown Sheet and Tube, and Republican Steel. By 2003 Ross had established relationships with the United Steelworkers, promising to save jobs. WL Ross founded the company International Steel Group (ISG) by combining bankrupt LTV Corp., Acme Steel and Bethlehem Steel, which quickly became the largest integrate ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jacksonville, Florida
Jacksonville is a city located on the Atlantic coast of northeast Florida, the most populous city proper in the state and is the largest city by area in the contiguous United States as of 2020. It is the seat of Duval County, with which the city government consolidated in 1968. Consolidation gave Jacksonville its great size and placed most of its metropolitan population within the city limits. As of 2020, Jacksonville's population is 949,611, making it the 12th most populous city in the U.S., the most populous city in the Southeast, and the most populous city in the South outside of the state of Texas. With a population of 1,733,937, the Jacksonville metropolitan area ranks as Florida's fourth-largest metropolitan region. Jacksonville straddles the St. Johns River in the First Coast region of northeastern Florida, about south of the Georgia state line ( to the urban core/downtown) and north of Miami. The Jacksonville Beaches communities are along the adjacent Atlantic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Russell 2000 Index
The Russell 2000 Index is a small cap company , small-cap stock market index that makes up the smallest 2,000 stocks in the Russell 3000 Index. It was started by the Frank Russell Company in 1984. The index is maintained by FTSE Russell, a subsidiary of the London Stock Exchange Group (LSEG). Overview The Russell 2000 is by far the most common benchmark for mutual funds that identify themselves as "Market capitalization#Market cap terms, small-cap", while the S&P 500 index is used primarily for large capitalization stocks. It is the most widely quoted measure of the overall performance of small-cap to mid-cap company shares. It is commonly considered an indicator of the U.S. economy due to its focus on small-cap companies in the U.S. market. The index represents approximately 10% of the total market capitalization of the Russell 3000 Index. , the weighted average market capitalization for a company in the index is around $3.1 billion; the median market cap is $1.0 billi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Residential Capital
GMAC ResCap, Inc. was a residential mortgage loan originator and servicer based in Minneapolis, United States. As a result of its exposure to subprime lending during the subprime mortgage crisis, the company filed for bankruptcy protection in 2012 and underwent liquidation in December 2013. History In 1982, Residential Funding Company LLC was formed as a subsidiary of Northwest Bank. In 1990, the company was acquired by GMAC Mortgage Corp. In 2005, GMAC (now Ally Financial), a subsidiary of General Motors, transferred ownership of GMAC Mortgage Corporation and Residential Funding Corporation (GMAC-RFC) to Residential Capital Corporation (ResCap) and contributed $2 billion of equity. In January 2007, the company eliminated 1,000 jobs. In October 2007, the company eliminated 3,000 jobs. At the beginning of 2007, the company had 14,000 employees. In May 2008, the company reported that it may run out of money. In June 2008, the company completed a $60 billion refinancing. In 20 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Genworth Financial
Genworth Financial is an S&P 400 insurance company. The firm was founded as The Life Insurance Company of Virginia in 1871. In 1986, Life of Virginia was acquired by Combined Insurance, which became Aon plc in 1987. In 1996, Life of Virginia was sold to GE Capital. In May 2004, Genworth Financial was formed out of various insurance businesses of General Electric in the largest IPO of that year. Genworth Financial is incorporated in Virginia. Genworth Financial has three segments: Retirement & Protection, US Mortgage Insurance, and International. Products and services include life and long-term care insurance, mortgage insurance, and annuities. Company history A.G. McIlwaine was the company’s first president. Begun by two dozen Petersburg investors, the Life Insurance Company of Virginia offered its first policies to local customers before expanding to Richmond, Virginia. Under general agent F.W. Chamberlayne, the Richmond Department attracted a large number of new clients. Wi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
