By restructuring mortgages so that homeowners have 5% equity in their properties rather than negative equity, Ocwen creates an incentive for homeowners to keep up with a more affordable paymentschedule on a reduced principal.
He asked about the annual schedulefor interest payments and the broker responded with the dates from the bond, noting that no payment would be made for 12 months in the first year.
The telecommunications group released earnings a day ahead of schedule late Wednesday, saying it would scrap the payment of remaining dividends and cancel share buybacks for this year, as profit dropped 14% in the second quarter.