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Winners and losers as Ocwen Financial shrinks

  • Altisource Portfolio Solutions' (NASDAQ:ASPS) contract is with Ocwen (NYSE:OCN), not with the servicing, writes the Sterne team, and it thus loses every time Ocwen shrinks or sells assets.
  • The winners? Those would be the asset buyers: New Residential (NYSE:NRZ) and PennyMac Mortgage (NYSE:PMT).
  • The analysts write their note the morning after Ocwen Financial announced more MSR sales, and the hiring of advisors to explore strategic options. The team is suspending Ocwen EPS estimates for 2015 and 2016 "since we have no idea what the new Ocwen will look like." Sterne's best estimate of tangible book value is about $10 per share.
  • Previously: Ocwen volatile after business updates (March 2)
  • OCN +5.4%, to $9 in premarket action. ASPS +2.6%

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