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Article: Ocwen's Funding Search Sends It to Germany.
- Article from:
- American Banker
- Article date:
- October 6, 2004
- Author:
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In move that could make dropping its federal thrift charter an easier decision by providing a funding source to replace deposits from the United States, Ocwen Financial Corp. has bought a German bank.
The West Palm Beach, Fla., mortgage servicing, technology, and outsourcing company paid $5.9 million for Bankhaus Oswald Kruber KG of Berlin. The sale closed Sept. 30 and was announced Tuesday.
Ocwen had said in July that it was thinking about "de-banking," which some analysts took as a sign that it would soon get rid of the thrift.
The company has said it wanted to free itself of the capital constraints that limit expansion of its main business -- ...