*Ocwen Asset Management

Starting in 2007, we began developing Asset Management Vehicles (AMVs) that benefit from our servicing infrastructure and loss mitigation capabilities. Ocwen has successfully partnered with private equity funds and hedge funds in raising capital for these entities.

Our investment strategies are focused on credit sensitive opportunities in the residential mortgage sector where Ocwen's loss mitigation expertise and competitive cost structure generates attractive returns. Ocwen's knowledge of collateral combined with an extensive database of real time mortgage performance and real estate prices provide us a distinct competitive advantage.

Ocwen currently manages two funds that target opportunities in certain residential mortgage-related investments.

Expertise

Deep operational and industry knowledge

A competitive advantage exists due to Ocwen's operational and industry expertise derived through the ownership and/or affiliation with Ocwen Loan Servicing ("OLS")
Ocwen has developed best-in-class loss mitigation capabilities (superior technology utilizing artificial intelligence, scripting engine and decision-tree driven resolution processes) which have resulted in realized losses at OLS being 48% below the industry average for comparable loans

Seasoned investment professionals

Members of the Investment team average 15+ years of experience
Core management team has worked together through numerous market cycles
Extensive experience in sourcing and structuring transactions dating back to the Resolution Trust Company

Superior analytic capabilities

Robust mortgage performance database receiving information on Ocwen's $40 billion portfolio of UPB

Macro view of national mortgage performance trends combined with ability to extract local trends due to geographic diversity

Access to proprietary models developed in-house by Ocwen professionals

Default and Prepayment models
Housing Price predictor
Loan Resolution model

PhD-led econometrics and psychology departments

Management Team

William C. Erbey	Mr. Erbey has served as Chairman of the Board of Directors of Ocwen since September 1996, Chief Executive Officer of Ocwen since January 1988 and President of Ocwen from January 1988 to May 1998. Mr. Erbey also serves as a director and officer of many subsidiaries of Ocwen. From 1983 to 1995, Mr. Erbey served as a Managing General Partner of The Oxford Financial Group, a private investment partnership that was the predecessor of Ocwen. Mr. Erbey has served as Chairman of the Board of Directors of Ocwen since September 1996, Chief Executive Officer of Ocwen since January 1988 and President of Ocwen from January 1988 to May 1998. Mr. Erbey also serves as a director and officer of many subsidiaries of Ocwen. From 1983 to 1995, Mr. Erbey served as a Managing General Partner of The Oxford Financial Group, a private investment partnership that was the predecessor of Ocwen. From 1975 to 1983, Mr. Erbey served at General Electric Capital Corporation in various capacities, most recently as the President and Chief Operating Officer of General Electric Mortgage Insurance Corporation. Mr. Erbey also served as the Program General Manager of GECC's Commercial Financial Services Department and as the President of Acquisition Funding Corporation. He holds a Bachelor of Arts in Economics from Allegheny College and received a Master of Business Administration from Harvard University. More [+] Hide [-]

Ronald M. Faris	Mr. Faris has served as the President of Ocwen since March 2001. Mr. Faris served as Executive Vice President of Ocwen from May 1998 to March 2001, and Vice President and Chief Accounting Officer of Ocwen from June 1995 to May 1997. From March 1991 to July 1994, he served as Controller for a subsidiary of Ocwen. Mr. Faris has served as the President of Ocwen since March 2001. Mr. Faris served as Executive Vice President of Ocwen from May 1998 to March 2001, and Vice President and Chief Accounting Officer of Ocwen from June 1995 to May 1997. From March 1991 to July 1994, he served as Controller for a subsidiary of Ocwen. From 1986 to 1991, Mr. Faris was a Vice President with Kidder, Peabody & Co., Inc. and from 1984 to 1986 worked in the General Audit Department of PricewaterhouseCoopers LLP. He holds a Bachelor of Science in Accounting from The Pennsylvania State University. More [+] Hide [-]

Ashish Pandey	Mr. Pandey is currently the Executive Vice President of the Asset Management Department of Ocwen. Before moving into this role, he has served as the Treasurer of Ocwen Financial Corporation and as the Director of Corporate Strategy from February 2005. Prior to joining Ocwen, he was an Associate Consultant with Tata Strategic Management Group where he worked on various business strategy and competitiveness enhancement assignments. Mr. Pandey is currently the Executive Vice President of the Asset Management Department of Ocwen. Before moving into this role, he has served as the Treasurer of Ocwen Financial Corporation and as the Director of Corporate Strategy from February 2005. Prior to joining Ocwen, he was an Associate Consultant with Tata Strategic Management Group where he worked on various business strategy and competitiveness enhancement assignments. Prior to that, Mr. Pandey served as the Assistant Manager for Eicher Limited, a commercial vehicle manufacturer. He holds a Bachelor of Science in Engineering from the S.G.S. Institute of Technology and Science and received a Master of Business Administration from the Indian Institute of Management. More [+] Hide [-]