The MReport Webcast: Monday 8/3/2015

Ocwen Financial Corporation reported a second quarter net income of 10 million dollars, or 0.08 cents per share, for the three months ending June 30, 2015, according to the company’s second quarter earnings statement. Year-over-year, Ocwen’s net income declined by $57 million from $67 million, or 0.48 cents per share for the second quarter.

According to the statement, Ocwen generated revenue of $463 million, down 16 percent from $553 million in the second quarter of last year. Income from operations was $111 million for the second quarter compared to $208 million  for the second quarter of 2014. Cash from operating activities was $210 million for the second quarter, up $196 million over the same period last year. The company also sold off a large portion of non-performing loans, reduced their corporate debt, and revealed a new cost improvement initiative.

U.S. mortgage holders possess the highest levels of non-mortgage related debt in over ten years, according to Black Knight Financial Services' June 2015 Mortgage Monitor report. Mortgage related debt includes auto debt, student loan debt, and credit card debt. The report found that Americans with mortgages possess $1,400 dollars more non-mortgage related debt on average compared to last year, and almost $2,600 dollars more than in 2011. In 2015, the total amount of non-mortgage debt reached $24,825 dollars compared to $23,412 dollars in 2014.