Chairman Bill Erbey stated, "Our strong cash flow generation enabled us subsequent to year-end 2010 to repay all but $35 million of the $350 million Senior Secured Term Loan. Ocwen has sufficient liquidity to repay this loan in full and once completed will save the $9.3 million in interest and amortization incurred on this loan in the fourth quarter of 2010. However, it was important to leave a small amount of the Senior Secured Term Loan outstanding to maintain the accordion feature which provides financing flexibility should we acquire a significant portfolio. We substantially reduced non-core assets to less than $50 million excluding the non-recourse assets for the four securitization trusts that we now include on our balance sheet."Servicing
Ocwen Reports Net Income Of $9.9 Million For Q4 2010 And $38 Million For Full Year 2010
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