On April 17, 2008, representatives from Ocwen, Potestivo & Associates, Wayne County, and the City of Detroit met to discuss retention options for homeowners facing foreclosure and solutions for vacant properties located in Wayne County.

Rochester Hills, Mich., May 14, 2008 - With foreclosure rates at record numbers in Michigan, Ocwen and Potestivo & Associates are working with Wayne County and City of Detroit officials to develop retention options for homeowners facing foreclosure and long-term solutions for currently vacant properties located in Wayne County.

The ultimate goal of this strategic alliance group is to avoid foreclosure on additional properties and return vacant properties to productive use.  'Ocwen wants to keep customers in their homes and help preserve their neighborhoods,' says an Ocwen representative, 'we plan to implement successful programs such as these in other cities across the country that are experiencing higher foreclosure rates.'

In addition to assistance for foreclosure avoidance, the group will review current properties in Ocwen's inventory that are located in Wayne County and find creative solutions for returning the properties to productive use.  If the property is habitable, it can be transferred to a local charitable organization or set for auction.  The proceeds from any auctioned properties will support foreclosure prevention programs.  Properties deemed beyond repair would undergo demolition at reduced costs. 

'Potestivo & Associates will represent Ocwen in any legal matters concerning their mortgaged properties in Michigan,' says Brian Potestivo, founder and president, 'and work closely with Wayne County's Corporate Counsel, County Executive, City of Detroit Mayor's office, and other integral departments such as Planning and Development and the Next Detroit Neighborhood Initiative.'

About Ocwen Loan Servicing, LLC:

Ocwen Financial Corporation, Ocwen Loan Servicing, LLC’s parent company, is a leading business process outsourcing provider to the financial services industry, specializing in loan servicing, mortgage fulfillment, and receivables management services. Ocwen is headquartered in West Palm Beach, Florida with offices in Arizona, California, Florida, Georgia, Illinois, and New York and global operations in Canada, Germany, and India.  Additional information is available at www.ocwen.com.

Contact:

About Potestivo & Associates, P.C.:

Potestivo & Associates, P.C. is a full service real estate firm providing exceptional legal services to the mortgage banking and servicing industries.  With award winning service and timelines, Potestivo & Associates develops strong, successful business partnerships with its clients in order to meet and exceed their goals and expectations.  Potestivo & Associates serves its clients from two Michigan locations with offices in Rochester Hills and Grand Rapids and its office in Chicago, Illinois.

Public Relations Contact:     

Michaelene Grauf, Director of Client Relations

Potestivo & Associates

p:  (248) 853-4400 x1117

#  #  #