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Actionable news in ASPS: Altisource Portfolio Solutions S.A.,

Ocwen pays down more debt

  • I still think you have a binary outcome on a few variables:
    1) S&P upgrades to "Average" - big upside, while if they reiterate "Below Average", the NRZ transfer risk (as out of the money as I believe it to be), will cause serious downside.
    2) Monitors give a thumbs up, allowing MSR purchases again - massive upside, whereas if they give a thumbs down, the stock is absolutely in runoff mode and would sink as the remaining holders probably bail. I think the downside risk on the S&P rating is actually more pronounced, as if the monitors give a thumbs down and OCN really is in runoff, it's already trading at less than .2x book...