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Ocwen Returns To Profitability.(Brief Article)
Ocwen Financial Corp. reported net income in the second quarter of 2003 of $4.1 million, or $0.06 per share, compared to a net loss of $40 million, or $0.75 cents per share, in the second quarter of last year.
Ocwen's chairman and CEO, William Erbey, said the company's return to profitability "is a significant milestone in our strategy of transitioning Ocwen to a fee-based business and reducing non-core assets."
Ocwen's residential loan servicing business reported pretax earnings of $8.4 million, net of an impairment charge of $400,000 in the second quarter. ...
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Source: HighBeam Research, Ocwen Returns To Profitability.(Brief Article)