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Ocwen Agrees to Help Jamaican Lender.
Ocwen Financial Corp. has agreed to help the Jamaica's Financial Sector Adjustment Co. resolve or liquidate approximately $1 billion in nonperforming assets, a large percentage of which are real estate secured.
Ocwen reported that it planned to begin marketing assets from the Jamaican company's portfolio in February. The problem assets include "everything from unsecured consumer loans to complex commercial real estate and business loans," according to Ocwen.
Since 1997, the Financial Sector Adjustment Co. has assumed more than 15,000 assets as the result of bank insolvencies in Jamaica, Ocwen reported.
Thomas Meyer, senior vice president, commercial ...
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Source: HighBeam Research, Ocwen Agrees to Help Jamaican Lender.