Ocwen doing 'Home Affordable' mods

Subprime servicer claims superior success rate

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Subprime loan servicer Ocwen Financial Corp. said Monday it believes the company is the first to begin modifying mortgages under the terms called for under the Obama administration’s Making Home Affordable initiative.

The Making Home Affordable initiative will provide $75 billion in subsidies, insurance and incentives for borrowers and loan servicers with the goal of helping them modify 3 million to 4 million loans to prevent foreclosures.