NEW YORK (Standard&Poor's) April 23, 2004--Standard&Poor's Ratings Services today placed its STRONG residential subprime, special servicer, and ABOVE AVERAGE alternative servicer rankings assigned to OCWEN Federal Bank FSB (OCWEN) on CreditWatch with negative implications. The CreditWatch placements reflect increased regulatory scrutiny regarding the company's servicing practices. This scrutiny includes a written supervisory agreement entered into by OCWEN and the Office of Thrift Supervision (OTS) on April 19, 2004. The supervisory agreement requires OCWEN to institute and comply with certain servicing best practices outlined in the agreement. OCWEN must also report its compliance periodically to the OTS as required by the agreement. Although Standard&Poor's recent review of OCWEN's servicing platforms did not uncover any systemic
