Ocwen Financial Corporation Announces the Sale of its Interest in Kensington Group plc
WEST PALM BEACH, Fla., Nov. 27, 2000 -- Ocwen Financial Corporation (NYSE:OCN), announced today the sale of its entire minority interest in Kensington Group plc for proceeds, net of stamp duty and other fees, of approximately 34.5 million GBP or $48.6 million. This sale marks the termination of Ocwen's involvement in the sub-prime mortgage origination market.
Ocwen Financial Corporation is a financial services company headquartered in West Palm Beach, Florida. The Company's primary businesses are the servicing and resolution of subperforming and nonperforming residential and commercial mortgage loans. Ocwen also specializes in the related development of loan servicing technology and software for the mortgage and real estate industries. Additional information about Ocwen Financial Corporation is available at www.Ocwen.com.
CONTACT: Ocwen Financial Corporation
Robert J. Leist, Jr.
Vice President & Chief Accounting Officer
(561) 682-7958
rleist@ocwen.com
