Ocwen survives challenge to servicer rights on 12 deals

• An event of default was triggered in March when Ocwen Financial's (OCN -2%) servicer ratings were downgraded, allowing certificateholders the right to direct the master servicer (Wells Fargo) to terminate Ocwen's servicing rights.
• In news announced yesterday, all of a batch of 12 deals failed to garner enough support to transfer servicing from Ocwen, though one deal did come within a handful of votes in favor of terminating.