Ocwen Termination Votes - 3/13/2015
On Friday, March 13, 2015, Wells Fargo released the results of the Notice of Event of Default and request for direction regarding whether to take action to terminate Ocwen as Servicer. None of these 4 deals were included in the January 23rd letter from Gibbs & Bruns LLP on behalf of certain institutional investors. Below are the results and attached are the actual notices.
Included in today’s commentary is a To-do list for SPS once they acquire the servicing for NTIX 2007-HE2.
NTIX 2007-HE2
Ocwen terminated, Master Servicer intends to appoint SPS as successor servicer, only if Ocwen does not appoint a successor Servicer in accordance with the provisions of the third paragraph of Section 7.02 of the PSA. With respect to the current outstanding Certificates of the Trust and as of the record date set forth in the Original Notice:
57.34% of the Voting Rights possessed by Holders of such Certificates directed the Master Servicer to terminate Ocwen
2.61% of the Voting Rights possessed by Holders of such Certificates directed the Master Servicer not to terminate Ocwen,
40.05% of the Voting Rights possessed by Holders of such Certificates did not vote and were deemed to have directed the Master Servicer not to terminate Ocwen.
SABR 2004-OP1
Ocwen terminated, Trustee intends to appoint SPS as successor servicer. With respect to the current outstanding Certificates of the Trust and as of the record date set forth in the Original
Notice:
57.22% of the Voting Rights possessed by Holders of such Certificates directed the Trustee to terminate Ocwen,
5.57% of the Voting Rights possessed by Holders of such Certificates directed the Trustee not to terminate Ocwen,
37.21% of the Voting Rights possessed by Holders of such Certificates did not vote and were deemed to have directed the Trustee not to terminate Ocwen.
IXIS 2006-HE3
Ocwen NOT terminated
With respect to the current outstanding Certificates of the Trust and as of the record date set forth in the Original. Notice:
35.30% of the Voting Rights possessed by Holders of such Certificates directed the Master Servicer to terminate Ocwen,
4.32% of the Voting Rights possessed by Holders of such Certificates directed the Master Servicer not to terminate Ocwen,
60.38% of the Voting Rights possessed by Holders of such Certificates did not vote and were deemed to have directed the Master Servicer not to terminate Ocwen
IXIS 2007-HE1
Ocwen NOT terminated
With respect to the current outstanding Certificates of the Trust and as of the record date set forth in the Original
Notice:
15.86% of the Voting Rights possessed by Holders of such Certificates directed the Master Servicer to terminate Ocwen,
23.78% of the Voting Rights possessed by Holders of such Certificates directed the Master Servicer not to terminate Ocwen,
60.36% of the Voting Rights possessed by Holders of such Certificates did not vote and were deemed to have directed the Master Servicer not to terminate Ocwen
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