Ocwen reported a net loss of $1.4 million for this year's secondquarter, compared with a net loss of $3.9 million in the same 1999period.
The compay is focusing on fee-based business and has won acompetitive bid for the servicing rights on more than $700 millionof subprime mortgages (8,704 loans) from First Alliance MortgageCo. The transaction was approved by the United States BankuptcyCourt in Santa Ana, CA.
Separately, Ocwen Bank FSB, currently has a 2.25 million-sfmanaged property portfolio with Grubb & Ellis ManagementServices. One of the assets, the 125-store Cutler Ridge Mall inSouth Miami-Dade County has a new tenant commitment from GardenRidge, the Home Decor and Craft Marketplace. The tenant will open a112,044-sf store during the first quarter of next year.
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