WEST PALM BEACH, Fla., Feb. 26, 2002 (PRIMEZONE) -- Ocwen Financial Corporation (NYSE:OCN), is pleased to announce the successful closing of a Jamaican loan portfolio sold on behalf of the Jamaican Government. Ocwen Advisors, Inc., a wholly owned subsidiary of Ocwen Financial Corporation, served as the Financial Advisor in the transaction. The portfolio contained real estate, business and unsecured loans with a total principal balance of nearly $400 million. The portfolio was sold to Beal Bank, a privately-owned and state-chartered savings bank with nearly $4 billion in assets and will be serviced in cooperation with a subsidiary of Dennis Joslin Companies based in Dyersburg, Tennessee.
"We greatly valued the efforts of Ocwen as our loan sale advisor to prepare our assets for sale, attract a diverse investor community and guide us through the entire sales process. Through Ocwen's loan resolution and sales expertise and the dedication of our staff, we were able to meet Finsac's objective of liquidating our distressed debt portfolio," said Patrick Hylton, Managing Director of Finsac, Limited, the Jamaican governmental agency responsible for liquidating the portfolio.
This transaction highlights Ocwen's emerging growth and presence in international markets using its expertise, resolving complex commercial and residential loans and real estate to assist both the public sector and private clients. "The project is also closely aligned to Ocwen's corporate goal to leverage its servicing and non-performing asset management expertise on a global scale to grow our fee-based businesses," added Thomas Meyer, Senior Vice President of Ocwen.
For more specific information about Ocwen's international activities please visit our Web page at http://www.ocwen.com/international/international.cfm.
Ocwen Financial Corporation is a financial services company headquartered in West Palm Beach, Fla. The Company's primary business is the servicing and special servicing of nonconforming, subperforming and nonperforming residential and commercial mortgage loans. Ocwen also specializes in the development of related loan servicing technology and software for the mortgage and real estate industries. Additional information about Ocwen Financial Corporation is available at www.ocwen.com.