Ocwen Financial expanding program for underwater borrowers

Ocwen program reduces balance to 5% below current appraised value; modifies monthly payments accordingly, and requires Ocwen share in 25% of any future value gain. The program seems to be working: ``The results to date: 79% of the customers offered the program in the test signed up, and the re-default rate has been just 2.6% -- far below the 40% to 50% rates within similar time periods seen in some federally sponsored loan modification efforts.''