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Ocwen’s Net Income Takes a $57 Million Hit in Q2

Blog post with some good news. The net income of Ocwen Financial Corporation declined by $57 million from a year ago. That is always good news when a company like Ocwen starts seeing their profits decline.

rogerrinaldi

Speaking of a job well done…..litigation against these bums works!

This article is from the fine folks at Default Servicing News…..

Ocwen Financial Corp. reported a second quarter net income of $10 million, or $0.08 per share, for the three months ended June 30, 2015, according to the company’s second quarter earnings statement.

Year-over-year, Ocwen’s net income declined by $57 million from $67 million, or $0.48 per share, for the second quarter.

“The company made positive strides on many fronts in the second quarter,” said Ron Faris, president and CEO of Ocwen. “We continue to work closely with our regulators and monitors, and the environment remains stable. Our efforts to build out a strong ‘bank-like’ risk and compliance infrastructure are taking hold. We were profitable and generated strong operating cash flow.”

According to the statement, Ocwen generated revenue of $463 million, down 16 percent from $553 million in the…

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