Altisource and Foreclosurepedia have had an incredible love – hate relationship since I began publishing several years ago. In fact, some of the most prolific stories ever released on the Mortgage Field Services Industry had their genesis with an Altisource Prime Vendor. With that said, Altisource has been turning the corner on a plethora of issues lately and to their credit, one woman has lead the charge in that turn: Pat McTaggart.
While I am not at liberty to go into great details, suffice it to say that McTaggart has taken on the grave responsibility of radical change and accountability with specificity to problems which have previously ailed the Altisource Portfolio vis-a-vis Labor.
This morning’s early edition of HousingWire (HW) lamented the turbulent waters which Ocwen has been experiencing of late. Ben Lane, a pretty center of the road guy over at HW, laid out some fairly salient points that Foreclosurepedia had predicted as early as Q2FY2014. The reality is that while Ocwen Financial is in for some fairly difficult times ahead — I mean what is $420 Million amongst friends, ‘eh?! — they are going nowhere. Altisource’s public position of extricating themselves from the Ocwen Flagship, in my humble opinion, is merely hype to calm the waters a bit as restructuring takes hold; it would be both unwise and financially unsound.
“Ocwen believes that the SSTL amendment shows that there is no event of default and there has not been any event of default under Ocwen’s SSTL,” Ocwen said. “Ocwen has publicly refuted a number of times the allegations made by a purported noteholder of certain Home Loan Servicing Solutions advance financing notes which admits it is pursuing a strategy of shorting Ocwen’s stock. Ocwen continues to vigorously defend itself against the claims of this short seller.”
Nationstar and a few other non conventional players have more than a vested interest in seeing the gutting of Ocwen — read Ocwen, Altisource and HubZu. Later this month, Foreclosurepedia is going to give Nationstar the proper introduction that they have been lacking — it is a good old fashion HomeStar Property Solutions Ho Down! Hey, this is Capitalism at its worst, baby. The reality, though, is that with the game changing strategies which Altisource has begun quietly implementing, it is a brave new world. The proverbial page is turning at Altisource and make no mistake whatsoever that page is one scripted quietly across the board on the entirety of the Portfolio. Suffice it to say that Pat McTaggart is Foreclosurepedia’s Person of the Week.