UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
_______________________________________________
Pursuant
to Section 13 or 15(d) of
The
Securities Exchange Act of 1934
Date
of report
(Date
of earliest event reported): March 4, 2010
|
OCWEN
FINANCIAL CORPORATION
|
|
(Exact
name of registrant as specified in its
charter)
|
|
Florida
|
1-13219
|
65-0039856
|
||
|
(State
or other jurisdiction
of
incorporation)
|
(Commission
File
Number)
|
(I.R.S.
Employer
Identification
No.)
|
|
1661
Worthington Road
Suite
100
West
Palm Beach, Florida
|
33409
|
|
|
(Address
of principal executive office)
|
(Zip
Code)
|
Registrant’s
telephone number, including area code: (561) 682-8000
|
N/A
|
|
(Former
name or former address, if changed since last
report)
|
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
| o |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
| o |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
| o |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
|
| o |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
|
Exhibit
Index on Page 4
|
Item
2.02
|
Results
of Operations and Financial
Condition
|
The news
release of the Registrant dated March 4, 2010, announcing its
preliminary results for the fourth quarter and year 2010 is attached hereto
as Exhibit 99.1. The information in Exhibit 99.1 attached hereto shall not be
deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act
of 1934, nor shall it be deemed incorporated by reference in any filing under
the Securities Act of 1933, except as shall be expressly set forth by specific
reference in such filing.
|
Item
9.01
|
Financial
Statements and Exhibits
|
|
(a)
– (c)
|
Not
applicable.
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|
(d)
|
Exhibits:
|
|
99.1
|
Text
of a press release by the Registrant dated March 4,
2010.
|
Page 2 of 4
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, as amended, the registrant has duly caused this
report to be signed on its behalf by the undersigned, hereunto duly
authorized.
|
OCWEN
FINANCIAL CORPORATION
|
||||
|
(Registrant)
|
||||
|
Date:
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March
4, 2010
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By:
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/s/
David J.
Gunter
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|
|
David
J. Gunter
|
||||
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Executive
Vice President and Chief Financial Officer
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||||
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(On
behalf of the Registrant and as its principal financial
officer)
|
||||
Page 3 of 4
INDEX
TO EXHIBIT
|
Exhibit
No.
|
Description
|
|
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99.1
|
News
release of Ocwen Financial Corporation, dated March 4, 2010, announcing
its preliminary results for the fourth quarter and year 2010 and certain
other information.
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Page 4 of 4
 |
Exhibit
99.1
|
|
Ocwen Financial
Corporation®
|
|
|
FOR
IMMEDIATE RELEASE
|
FOR
FURTHER INFORMATION CONTACT:
David
J. Gunter
Executive
Vice President & Chief Financial Officer
T:
(561) 682-8367
E:
David.Gunter@Ocwen.com
|
OCWEN
FINANCIAL CORPORATION ANNOUNCES PRELIMINARY
FOURTH
QUARTER AND 2009 FINANCIAL RESULTS
West Palm Beach, FL – (March
04, 2010) Ocwen Financial Corporation (“Ocwen” or the “Company”) (NYSE:OCN) today reported
estimated net income of $9.4 million or $0.09 per diluted share for the fourth
quarter of 2009. This compares to a net loss of $4.3 million or $0.07 per share
for the fourth quarter of 2008. Pre-tax income from continuing operations was
$20.2 million for the fourth quarter of 2009 as compared to a pre-tax loss of
$4.0 million for the fourth quarter of 2008. For the year ended December 31,
2009, the $50.6 million one-time tax expense arising from the separation of
Altisource Portfolio Solutions S.A. (formerly Ocwen Solutions) in August, and
the fourth quarter valuation allowance related to a non-cash deferred tax asset
arising from deductibility of losses in a finance vehicle, lowered estimated net
income to $0.3 million as compared to $13.2 million or $0.21 per diluted share
for 2008. The company’s estimated fourth quarter 2009 financial
results are preliminary and subject to change.
Income
from continuing operations before income taxes was $93.3 million for the full
year 2009 compared to $31.0 million for 2008. This improvement of
201% was driven by a $46.7 million swing in gains versus losses in trading
securities, a $23.6 million reduction in interest expense and a reduction of
equity in losses of unconsolidated entities of $10.2 million.
FOURTH
QUARTER BUSINESS PERFORMANCE HIGHLIGHTS
|
●
|
Ocwen
issued $210 million of advance receivable backed notes under the TALF
program in December 2009 and another $200 million in February
2010. These financings were for terms of 30 and 24 months
and fixed interest rates at 4.14% and 3.59%, respectively. As a result of
these two financings, Ocwen’s asset liability structure is asset
sensitive.
|
|
●
|
The
residential servicing portfolio grew by $9.7 billion or 24% over the third
quarter of 2009.
|
|
●
|
Completed
modifications for the fourth quarter of 15,677 exceeded the top end of our
previous guidance of 10,000 to 15,000. This 124% increase over
third quarter modifications included 4,296 HAMP
modifications.
|
|
●
|
Income
from operations grew by 21% over the third quarter of 2009 principally due
to an increase in revenues in the Servicing segment of $9.4
million.
|
|
●
|
Equity
now exceeds liabilities as a result of our repayment of the Investment
line subsequent to year end.
|
|
●
|
Ocwen
completed the sale of Bankhaus Oswald Kruber during the quarter
recognizing income of $2.5 million from discontinued operations, net of
income taxes.
|
“Ocwen
continues its quality leadership in special servicing. We have the
highest conversion rate from trial to completed modifications under HAMP while
maintaining a re-default rate of one-half the industry” said Ron Faris,
President of Ocwen. “I am pleased that our portfolio grew 24% to
$50.0 billion in the fourth quarter. Coupled with our growth in
modifications, revenue for our Servicing segment increased 15% over the third
quarter while operating expenses declined by 4%. Our Servicing
pre-tax income increased 66% from the prior quarter.”
Ocwen
Financial Corporation
Fourth
Quarter 2009 Results
March 4,
2010
Chairman
and CEO William Erbey added, “Strategic priorities for 2010 are:
|
●
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Establish
predictable and sustainable revenue growth in our servicing
operations,
|
|
●
|
Improve
process efficiencies to further reduce
costs,
|
|
●
|
Improve
quality, and
|
|
●
|
Reduce
asset intensity and, therefore, enhance return on
equity.”
|
“Establishing
predictable and sustainable revenue growth is our most pressing
issue. As such, we have a three pronged approach:
|
●
|
Expand
our governmental servicing and special servicing
activities,
|
|
●
|
Develop
flow FHA servicing, and
|
|
●
|
Acquire
existing servicing portfolios. We are
evaluating four servicing acquisitions, two of which, totaling $35
billion, are nearing final
decisions.”
|
Servicing
In
comparison to the fourth quarter of 2008, revenue was 5% lower while operating
expenses were 24% favorable as the shift towards subservicing and special
servicing reduced amortization expense by 45%. Pre-tax income for
Servicing of $29.3 million was 65% higher than the same quarter last year due to
decreases in amortization of servicing rights, servicing and origination and
interest expense.
Loans
and Residuals
Loans and
Residuals incurred a loss from continuing operations before taxes of $2.1
million as compared to $5.1 million in the fourth quarter of
2008. The change is primarily due to lower unrealized losses driven
by declines in the estimated market value of loans and real estate.
Asset
Management Vehicles
Losses
from continuing operations before taxes for Asset Management Vehicles decreased
to $1.8 million as compared to $3.1 million in the fourth quarter of
2008. This improvement reflects lower unrealized losses on residual
securities and lower realized and unrealized losses on real estate.
Corporate
In the
fourth quarter of 2009, losses from continuing operations before taxes improved
71% primarily due to reduced unrealized losses on auction rate securities, as
compared to the fourth quarter of 2008. Since September 30, 2009,
auction rate securities with a carrying value of $124.4 million were sold at a
$1.4 million loss and the Investment line was repaid. As a result of
the sales and changes in fair value, holdings in auction rate securities are
currently $124.6 million. Of the auction rate securities remaining on
the balance sheet, $86.5 million were financed by $75.0 million of non-recourse
debt with a maturity in October 2012.
Total
consolidated assets declined 21% to $1,769.4 million for the year due to $234.1
million of reductions in advances and match funded advances, the distribution of
$88.5 million of assets in the separation of Altisource Portfolio Solutions S.A.
and our strategy to use cash to lower interest expense. Corresponding
changes in liabilities resulted in a 44% reduction to $903.5
million.
Prior
periods were adjusted to give effect to the required retrospective adoption of
new accounting guidance which caused us to recognize additional non-cash
interest expense related to the convertible notes outstanding.
Ocwen
Financial Corporation is a leading provider of residential and commercial loan
servicing, special servicing and asset management services. Ocwen is
headquartered in West Palm Beach, Florida with offices in California, the
District of Columbia and Georgia and support operations in India and
Uruguay. Utilizing proprietary technology and world-class training
and processes, we provide solutions that make our clients' loans worth
more. Additional information is available at www.ocwen.com.
2
Ocwen
Financial Corporation
Fourth
Quarter 2009 Results
March 4,
2010
This
news release contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended, including, but not limited to, the
securitization market and our plans to securitize loans and expectations as to
the impact of rising interest rates and cost-effective resources in India.
Forward-looking statements are not guarantees of future performance, and involve
a number of assumptions, risks and uncertainties that could cause actual results
to differ materially.
Important
factors that could cause actual results to differ materially from those
suggested by the forward-looking statements include, but are not limited to, the
following: general economic and market conditions, prevailing interest or
currency exchange rates, governmental regulations and policies, international
political and economic uncertainty, availability of adequate and timely sources
of liquidity, federal income tax rates, real estate market conditions and trends
and the outcome of ongoing litigation as well as other risks detailed in Ocwen’s
reports and filings with the Securities and Exchange Commission, including its
Registration Statement No. 333-160626 and 333-163996 on Form S-3 and its
periodic report on Form 10-K for the year ended December 31, 2008 and Forms 10-Q
for the quarters ended March 31, 2009, June 30, 2009, and September 30,
2009. The forward-looking statements speak only as of the date they
are made and should not be relied upon. OCN undertakes no obligation to update
or revise the forward-looking statements.
Residential Servicing Statistics (Dollars in
thousands)
|
At
or for the three months ended
|
||||||||||||||||||||
|
December
31,
2009
|
September
30,
2009
|
June
30,
2009
|
March
31,
2009
|
December
31,
2008
|
||||||||||||||||
|
Total
unpaid principal balance of loans and REO serviced
|
$ | 49,980,077 | $ | 40,293,698 | $ | 38,406,007 | $ | 40,789,135 | $ | 40,171,532 | ||||||||||
|
Non-performing
loans and REO serviced as a % of total UPB (1)
|
25.6 | % | 26.9 | % | 27.4 | % | 25.1 | % | 24.3 | % | ||||||||||
|
Prepayment
speed (average CPR)
|
19 | % | 20 | % | 22 | % | 22 | % | 25 | % | ||||||||||
|
(1)
|
Loans
for which borrowers are making scheduled payments under modification,
forbearance or bankruptcy plans are considered performing loans.
Non-performing loans exclude those serviced under special servicing
agreements where we have no obligation to
advance.
|
3
Ocwen
Financial Corporation
Fourth
Quarter 2009 Results
March 4,
2010
|
Segment
Results (Dollars in thousands)
(UNAUDITED)
|
|
Three
months
|
Twelve
months
|
|||||||||||||||
|
For
the periods ended December 31,
|
2009
|
2008
|
2009
|
2008
|
||||||||||||
|
(As
adjusted)
|
(As
adjusted)
|
|||||||||||||||
|
Ocwen
Asset Management
|
||||||||||||||||
|
Servicing
|
||||||||||||||||
|
Revenue
|
$ | 72,327 | $ | 75,740 | $ | 272,725 | $ | 340,725 | ||||||||
|
Operating expenses
|
30,472 | 40,060 | 129,252 | 164,292 | ||||||||||||
|
Income from operations
|
41,855 | 35,680 | 143,473 | 176,433 | ||||||||||||
|
Other expense, net
|
(12,555 | ) | (17,886 | ) | (55,792 | ) | (75,663 | ) | ||||||||
|
Income from continuing
operations before taxes
|
29,300 | 17,794 | 87,681 | 100,770 | ||||||||||||
|
Loans and
Residuals
|
||||||||||||||||
|
Revenue
|
— | — | — | — | ||||||||||||
|
Operating expenses
|
631 | 800 | 2,831 | 3,025 | ||||||||||||
|
Loss from operations
|
(631 | ) | (800 | ) | (2,831 | ) | (3,025 | ) | ||||||||
|
Other expense, net
|
(1,427 | ) | (4,315 | ) | (6,290 | ) | (11,657 | ) | ||||||||
|
Loss from continuing operations
before taxes
|
(2,058 | ) | (5,115 | ) | (9,121 | ) | (14,682 | ) | ||||||||
|
Asset Management
|
||||||||||||||||
|
Revenue
|
422 | 667 | 1,851 | 3,664 | ||||||||||||
|
Operating expenses
|
578 | 896 | 3,108 | 4,113 | ||||||||||||
|
Loss from operations
|
(156 | ) | (229 | ) | (1,257 | ) | (449 | ) | ||||||||
|
Other expense, net
|
(1,594 | ) | (2,822 | ) | (4,060 | ) | (9,364 | ) | ||||||||
|
Loss from continuing operations
before taxes
|
(1,750 | ) | (3,051 | ) | (5,317 | ) | (9,813 | ) | ||||||||
|
Income from continuing operations before income
taxes
|
25,492 | 9,628 | 73,243 | 76,275 | ||||||||||||
|
Ocwen
Solutions
|
||||||||||||||||
|
Mortgage
Services
|
||||||||||||||||
|
Revenue
|
— | 15,153 | 54,052 | 58,733 | ||||||||||||
|
Operating expenses
|
— | 12,162 | 37,040 | 46,299 | ||||||||||||
|
Income from
operations
|
— | 2,991 | 17,012 | 12,434 | ||||||||||||
|
Other income, net
|
— | 181 | 803 | 828 | ||||||||||||
|
Income from continuing
operations before taxes
|
— | 3,172 | 17,815 | 13,262 | ||||||||||||
|
Financial
Services
|
||||||||||||||||
|
Revenue
|
— | 16,653 | 40,293 | 73,835 | ||||||||||||
|
Operating expenses
|
— | 17,617 | 45,002 | 79,757 | ||||||||||||
|
Loss from operations
|
— | (964 | ) | (4,709 | ) | (5,922 | ) | |||||||||
|
Other expense, net
|
— | (524 | ) | (1,260 | ) | (1,953 | ) | |||||||||
|
Loss from continuing operations
before taxes
|
— | (1,488 | ) | (5,969 | ) | (7,875 | ) | |||||||||
|
Technology
Products
|
||||||||||||||||
|
Revenue
|
— | 10,717 | 28,331 | 45,283 | ||||||||||||
|
Operating expenses
|
— | 7,685 | 18,638 | 35,895 | ||||||||||||
|
Income from operations
|
— | 3,032 | 9,693 | 9,388 | ||||||||||||
|
Other expense, net
|
— | (87 | ) | (103 | ) | (5,808 | ) | |||||||||
|
Income from continuing
operations before taxes
|
— | 2,945 | 9,590 | 3,580 | ||||||||||||
|
Income
from continuing operations before income taxes
|
— | 4,629 | 21,436 | 8,967 | ||||||||||||
|
Corporate
Items and Other
|
||||||||||||||||
|
Revenue
|
385 | 2 | 1,066 | 156 | ||||||||||||
|
Operating expenses
|
4,942 | 4,537 | 16,308 | 18,743 | ||||||||||||
|
Loss from operations
|
(4,557 | ) | (4,535 | ) | (15,242 | ) | (18,587 | ) | ||||||||
|
Other income (expense),
net
|
(741 | ) | (13,679 | ) | 13,824 | (35,673 | ) | |||||||||
|
Loss from continuing operations
before taxes
|
(5,298 | ) | (18,214 | ) | (1,418 | ) | (54,260 | ) | ||||||||
|
Corporate
Eliminations
|
||||||||||||||||
|
Revenue
|
(386 | ) | (7,541 | ) | (17,590 | ) | (30,268 | ) | ||||||||
|
Operating expenses
|
(117 | ) | (7,201 | ) | (16,525 | ) | (28,769 | ) | ||||||||
|
Loss from operations
|
(269 | ) | (340 | ) | (1,065 | ) | (1,499 | ) | ||||||||
|
Other income, net
|
269 | 340 | 1,065 | 1,499 | ||||||||||||
|
Income from continuing
operations before taxes
|
— | — | — | — | ||||||||||||
|
Consolidated
income (loss) from continuing operations before
income taxes
|
$ | 20,194 | $ | (3,957 | ) | $ | 93,261 | $ | 30,982 | |||||||
4
Ocwen
Financial Corporation
Fourth
Quarter 2009 Results
March 4,
2010
|
OCWEN
FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF OPERATIONS
(Dollars
in thousands, except share data)
|
(UNAUDITED)
|
Three
months
|
Twelve
months
|
|||||||||||||||
|
For
the periods ended December 31,
|
2009
|
2008
|
2009
|
2008
|
||||||||||||
|
(As
Adjusted)
|
(As
Adjusted)
|
|||||||||||||||
|
Revenue
|
||||||||||||||||
|
Servicing and subservicing
fees
|
$ | 62,635 | $ | 77,826 | $ | 264,467 | $ | 368,026 | ||||||||
|
Process management fees
|
9,710 | 31,450 | 108,082 | 113,244 | ||||||||||||
|
Other revenues
|
403 | 2,115 | 8,179 | 10,858 | ||||||||||||
|
Total revenue
|
72,748 | 111,391 | 380,728 | 492,128 | ||||||||||||
|
Operating
expenses
|
||||||||||||||||
|
Compensation and benefits
|
12,862 | 28,982 | 87,620 | 125,549 | ||||||||||||
|
Amortization of servicing
rights
|
6,485 | 11,749 | 32,228 | 52,461 | ||||||||||||
|
Servicing and origination
|
2,376 | 15,362 | 38,653 | 52,951 | ||||||||||||
|
Technology and
communications
|
5,712 | 4,614 | 20,066 | 22,327 | ||||||||||||
|
Professional services
|
4,428 | 7,557 | 26,200 | 34,615 | ||||||||||||
|
Occupancy and equipment
|
3,929 | 5,507 | 18,985 | 22,978 | ||||||||||||
|
Other operating expenses
|
714 | 2,785 | 11,902 | 12,474 | ||||||||||||
|
Total operating expenses
|
36,506 | 76,556 | 235,654 | 323,355 | ||||||||||||
|
Income
from operations
|
36,242 | 34,835 | 145,074 | 168,773 | ||||||||||||
|
Other
income (expense)
|
||||||||||||||||
|
Interest income
|
2,375 | 3,204 | 8,786 | 14,696 | ||||||||||||
|
Interest expense
|
(12,846 | ) | (20,061 | ) | (62,954 | ) | (86,574 | ) | ||||||||
|
Gain (loss) on trading
securities
|
(2,159 | ) | (13,114 | ) | 11,187 | (35,480 | ) | |||||||||
|
Loss on loans held for resale,
net
|
(2,349 | ) | (5,984 | ) | (11,132 | ) | (17,096 | ) | ||||||||
|
Equity in losses of
unconsolidated entities
|
(1,325 | ) | (2,482 | ) | (2,933 | ) | (13,110 | ) | ||||||||
|
Other, net
|
256 | (355 | ) | 5,233 | (227 | ) | ||||||||||
|
Other expense, net
|
(16,048 | ) | (38,792 | ) | (51,813 | ) | (137,791 | ) | ||||||||
|
Income
(loss) from continuing operations before income taxes
|
20,194 | (3,957 | ) | 93,261 | 30,982 | |||||||||||
|
Income
tax expense
|
13,307 | 313 | 96,110 | 12,006 | ||||||||||||
|
Income (loss) from continuing
operations
|
6,887 | (4,270 | ) | (2,849 | ) | 18,976 | ||||||||||
|
Income
(loss) from discontinued operations, net of income taxes
|
2,488 | (195 | ) | 3,121 | (5,767 | ) | ||||||||||
|
Net income (loss)
|
9,375 | (4,465 | ) | 272 | 13,209 | |||||||||||
|
Net
loss (income) attributable to non-controlling interests
|
14 | 184 | 25 | 41 | ||||||||||||
|
Net income (loss) attributable
to Ocwen Financial
Corporation (OCN)
|
$ | 9,389 | $ | (4,281 | ) | $ | 297 | $ | 13,250 | |||||||
|
Basic
earnings per share
|
||||||||||||||||
|
Income (loss) from continuing
operations
|
$ | 0.07 | $ | (0.07 | ) | $ | (0.04 | ) | $ | 0.30 | ||||||
|
Income (loss) from discontinued
operations
|
0.02 | — | 0.04 | (0.09 | ) | |||||||||||
|
Net income (loss) attributable
to OCN
|
$ | 0.09 | $ | (0.07 | ) | $ | ― | $ | 0.21 | |||||||
|
Diluted
earnings per share
|
||||||||||||||||
|
Income (loss) from continuing
operations
|
$ | 0.07 | $ | (0.07 | ) | $ | (0.04 | ) | $ | 0.30 | ||||||
|
Income (loss) from discontinued
operations
|
0.02 | — | 0.04 | (0.09 | ) | |||||||||||
|
Net income (loss) attributable
to OCN
|
$ | 0.09 | $ | (0.07 | ) | $ | ― | $ | 0.21 | |||||||
|
Weighted
average common shares outstanding
|
||||||||||||||||
|
Basic
|
99,871,247 | 62,716,530 | 78,252,000 | 62,670,957 | ||||||||||||
|
Diluted
|
107,150,497 | 62,716,530 | 78,252,000 | 62,935,314 | ||||||||||||
5
Ocwen
Financial Corporation
Fourth
Quarter 2009 Results
March 4,
2010
|
OCWEN
FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED
BALANCE SHEETS
(Dollars
in thousands, except share data)
(UNAUDITED)
|
|
December
31,
2009
|
December
31,
2008
|
|||||||
|
(As
Adjusted)
|
||||||||
|
Assets
|
||||||||
|
Cash
|
$ | 90,919 | $ | 201,025 | ||||
|
Trading securities, at fair
value
|
||||||||
|
Auction rate
|
247,464 | 239,301 | ||||||
|
Subordinates and residuals
|
3,692 | 4,369 | ||||||
|
Loans held for resale, at lower
of cost or fair value
|
33,197 | 49,918 | ||||||
|
Advances
|
145,914 | 102,085 | ||||||
|
Match funded advances
|
822,615 | 1,100,555 | ||||||
|
Mortgage servicing rights
|
117,802 | 139,500 | ||||||
|
Receivables, net
|
67,095 | 39,907 | ||||||
|
Deferred tax assets, net
|
132,683 | 175,145 | ||||||
|
Intangibles, including goodwill
of $9,836 at December 31, 2008
|
— | 46,227 | ||||||
|
Premises and equipment,
net
|
3,325 | 12,926 | ||||||
|
Investments in unconsolidated
entities
|
15,008 | 25,663 | ||||||
|
Other assets
|
89,636 | 100,479 | ||||||
|
Total assets
|
$ | 1,769,350 | $ | 2,237,100 | ||||
|
Liabilities
and Equity
|
||||||||
|
Liabilities
|
||||||||
|
Match funded liabilities
|
$ | 465,691 | $ | 961,939 | ||||
|
Lines of credit and other
secured borrowings
|
55,810 | 116,870 | ||||||
|
Investment line
|
156,968 | 200,719 | ||||||
|
Servicer liabilities
|
38,672 | 135,751 | ||||||
|
Debt securities
|
95,564 | 133,367 | ||||||
|
Other liabilities
|
90,782 | 78,813 | ||||||
|
Total liabilities
|
903,487 | 1,627,459 | ||||||
|
Equity
|
||||||||
|
Ocwen Financial Corporation
stockholders’ equity
|
||||||||
|
Common stock, $.01 par value;
200,000,000 shares authorized;
99,956,833 and 62,716,530
shares issued and outstanding at
December 31, 2009 and 2008,
respectively
|
1,000 | 627 | ||||||
|
Additional paid-in capital
|
459,542 | 201,831 | ||||||
|
Retained earnings
|
405,198 | 404,901 | ||||||
|
Accumulated other comprehensive
income (loss), net of income taxes
|
(129 | ) | 1,876 | |||||
|
Total Ocwen Financial
Corporation stockholders’ equity
|
865,611 | 609,235 | ||||||
|
Non-controlling interest in
subsidiaries
|
252 | 406 | ||||||
|
Total equity
|
865,863 | 609,641 | ||||||
|
Total liabilities and
equity
|
$ | 1,769,350 | $ | 2,237,100 | ||||
6