BadHawk DOWN . . . OCWEN stock price plunges on news of their subsidiary being..."shut out of a distressed loan auction"

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BadHawk DOWN . . . OCWEN stock price plunges on news of their subsidiary being…”shut out of a distressed loan auction”

BadHawk DOWN . . . OCWEN stock price plunges on news of their subsidiary being…”shut out of a distressed loan auction”

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It hasn’t been a good day for Altisource Asset Management Corp (AAMC). In fact, the day is looking downright catastrophic. The company’s stock is currently trading at $840 per share, which is down more than $259 for the day. The company’s stock has lost more than 30% of its value in less than four hours of trading.

The precipitous fall comes on the heels of reports that the company’s affiliate, Altisource Residential (RESI), was shut out of a distressed loan auction from the U.S. Department of Housing and Urban Development. According to a statement from HUD, Lone Star Funds was the sole winner of the auction, with a weighted average bid of 77.6% of the collateral value.

HUD said that this was the first time in the history of its Distressed Asset Stabilization Program that a single bidder submitted the highest bid on “each and every pool.”

[HOUSINGWIRE]

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2 Responses to “BadHawk DOWN . . . OCWEN stock price plunges on news of their subsidiary being…”shut out of a distressed loan auction””

  1. GuyFawkes says:

    Did anyone notice this article saying that Ocwen is going to branch into title insurance? Riiiiiight……let’s let all the criminals full control cradle to grave on the entire graveyard formerly known as the United States of America.

  2. Ian says:

    Ocwen is a criminal organization. Plain and simple. They had all their foreclosures, assignments of mortgage, mortgage “satisfaction pieces” signed by Scott Anderson, who doesn’t exist. 42 different signatures. He was “deposed” in absentia, questions having been answered by his lawyer. Judge Shack in NY gave him the boot. Their telephone people in India are ignoramuses, and they lie all the time. Hope their stock gets slammed by short sellers.

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