Ocwen Financial Corporation recently hosted its sixth Annual Housing Advocacy and Policy Forum in Washington D.C., bringing together key stakeholders to share their insight and work together on important issues affecting today's housing industry. Attendees of the Forum included senior officials from housing advocacy and policy groups, the mortgage industry, and federal government agencies.
Ocwen President and CEO Ronald Faris (pictured above) provided the group with an update on Ocwen and the steps the company continues to take to assist borrowers. Attendees at the Forum also heard from two of Ocwen's newest board members, Phyllis Caldwell, who was a senior official at the U.S. Department of the Treasury overseeing the Department's HAMP program, and Dr. DeForest Soaries Jr., who served under President George W. Bush and was a former Secretary of State in New Jersey.
"More than five years after the housing crisis, many homeowners are still struggling to meet their mortgage payments and stay in their homes. Meanwhile, many qualified borrowers want to enter the market and become homeowners. But they are facing a very challenging credit market," said Faris. "Ocwen believes that the best way to make a real difference in the lives of homeowners and their communities is by working together to find meaningful solutions for all borrowers. That's why we are so pleased to bring together leading regulators, policymakers, non-profit housing counselors, and consumer advocacy agencies from across the country to share information in an attempt to find workable solutions."
During the event, attendees also heard an economic update from Frank Nothaft, chief economist at CoreLogic, on housing industry trends. The event included roundtable discussions about programs related to servicing and loan modifications, the current state of homeownership and the barriers that are keeping qualified homeowners from entering the housing market.
Panelists during these roundtable discussions included representatives from:
►U.S. Department of the Treasury
►CoreLogic
►Consumer Federation of America
►Center for American Progress
►Mortgage Bankers Association
►Ocwen Financial Corporation
►Ocwen Board of Directors
"While we are still recovering from the housing crisis, there are already lessons that can be learned. One of those lessons is the importance of financial and mortgage counseling," Caldwell said. "It's clear that borrowers who worked with housing counselors throughout the process of buying a home and paying their mortgage were not only less likely to have been taken advantage of by predatory lenders, but they were also more likely to raise their hand for help when there was a problem. We cannot underestimate the value of financial counseling. And I'm proud to say that Ocwen understands that and has made its partnership with community organizations and counselors a priority."
"This event was yet another testament to the continued commitment by Ocwen to bring industry, community groups, housing organizations, and regulators together to share information and collaborate on solutions to the ongoing housing crisis," said Rev. Soaries. "Before joining Ocwen's Board of Directors, I knew from experience that Ocwen understood that homeowners and their communities are better off with a modification than foreclosure. But until I joined the Board, I had never met people who care as much as I do about the members of my church and community."
