Ocwen Financial agrees to buy back shares from CEO

By Lisa Kerner

Charlotte, N.C., April 1 - The board of directors of Ocwen Financial Corp. authorized the repurchase of up to 1 million of its shares of outstanding stock held by chairman and chief executive officer William C. Erbey at a purchase price of $11 per share, it was reported in a schedule 13D/A filed with the Securities and Exchange Commission.

In connection with the repurchase, Erbey agreed to restrict the sale or transfer of the remainder of his shares for one year, with certain exceptions, the filing said.

Erbey beneficially owns 19,440,505 shares, or 30.7%, of Ocwen.

Based in West Palm Beach, Fla., Ocwen is a business process outsourcing provider to the financial services industry that specializes in loan servicing, mortgage fulfillment and receivables management services.

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