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CERTIFICATEHOLDERS ISSUE NOTICE OF NON-PERFORMANCE IDENTIFYING ALLEGED FAILURES BY OCWEN FINANCIAL CORPORATION AS SERVICER OR MASTER SERVICER TO PERFORM COVENANTS AND SERVICING AGREEMENTS IN 119 RESIDENTIAL MORTGAGE BACKED SECURITIES TRUSTS

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HOUSTON, January 23, 2015 – Today, the Holders of 25% Voting Rights in 119 Residential Mortgage Backed Securities Trusts (RMBS) with an original balance of more than $82 billion issued a Notice of Non-Performance (Notice) to BNY Mellon, Citibank, Deutsche Bank, HSBC, US Bank, and Wells Fargo, as Trustees, Securities Administrators, and/or Master Servicers, regarding the material failures of Ocwen Financial Corporation (Ocwen) as Servicer and/or Master Servicer, to comply with its covenants and agreements under governing Pooling and Servicing Agreements (PSAs).

Based on a lengthy investigation and analysis by independent, highly qualified experts, the Holders’ Notice alleges Ocwen has failed to perform, in material respects, its contractual obligations as Servicer and/or Master Servicer under the applicable PSAs in the following ways:

  • Use of Trust funds to “pay” Ocwen’s required “borrower relief” obligations under a regulatory settlement, through implementation of modifications on Trust- owned mortgages that have shifted the costs…

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