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[GRAPHIC OMITTED] Exhibit 99.1
OCWEN ASSET INVESTMENT CORP.
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FOR IMMEDIATE RELEASE FOR FURTHER INFORMATION CONTACT:
MARK S. ZEIDMAN
SR. VICE PRESIDENT & CFO
T: (561) 682-8600
E: [email protected]
OCWEN ASSET INVESTMENT CORP.
SUCCESSFULLY COMPLETES TENDER OFFER
WEST PALM BEACH, FL - (December 22, 2000) Ocwen Asset Investment Corp., a
wholly-owned subsidiary of Ocwen Financial Corporation (NYSE:OCN), announced
today that as of 5:00 P.M. New York City time, on December 21, 2000, it has
completed the acquisition of $98,025,000 (or 99.95%) in aggregate principal
amount outstanding of its 11 1/2% Redeemable Notes due 2005 pursuant to its
Offer to Purchase and Consent Solicitation Statement dated November 14, 2000 as
supplemented by the Supplement dated December 8, 2000 for aggregate
consideration, including accrued and unpaid interest to, but not including,
December 22, 2000, the Payment Date, of approximately $91 million.
Friedman, Billings, Ramsey & Co., Inc. was the exclusive Dealer Manager and
Solicitation Agent and Wells Fargo Bank Minnesota, National Association was
Depositary Agent for the tender offer and consent solicitation.
Ocwen Financial Corporation is a financial services company headquartered in
West Palm Beach, Florida. The Company's primary businesses are the servicing and
resolution of subperforming and nonperforming residential and commercial
mortgage loans. Ocwen also specializes in the related development of loan
servicing technology and software for the mortgage and real estate industries.
Additional information about Ocwen Financial Corporation is available at
www.ocwen.com.
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