Ocwen buys back portion of Wilbur Ross' stake

|About: Ocwen Financial Corporation (OCN)|By:, SA News Editor

Ross converted 100K of his 162K shares of preferred stock into common, and Ocwen (OCN) immediately repurchased for about $158.7M. Ross became an owner of a sizable chunk of Ocwen after the company purchased his Homeward Residential about one year ago.

To facilitate the purchase, Ocwen amended its loan facility agreement to allow purchases of preferred stock as well as up to $1.5B of common shares.

Ross: "The sale was made strictly for portfolio management reasons and does not reflect any change in our enthusiasm for Ocwen and its management, or my continuing role on the Ocwen Board of Directors."