Ocwen Financial Corp. Adopts and Endorses Hope Now Alliance's Guidelines for Stepping...

Ocwen Financial Corp. Adopts and Endorses Hope Now Alliance's Guidelines for
Stepping Up Loan Modifications to Help Distressed Homeowners and Reduce
Foreclosures

WEST PALM BEACH, Fla., June 25, 2008 (PRIME NEWSWIRE) -- Ocwen Financial Corp.
(NYSE:OCN), a leading servicer of subprime mortgages, endorses and has adopted
HOPE NOW Alliance's recently announced procedures and guidelines for preventing
foreclosures and helping homeowners, according to Ronald Faris, Ocwen's
president.

The Alliance's guidelines establish a streamlined timetable for working with
distressed homeowners, as well as a common set of principles on foreclosure
prevention alternatives, including loan modifications and forbearance and
repayment plans. HOPE NOW is a government-initiated alliance between counselors,
mortgage market participants and mortgage servicers with the mandate to create a
unified, coordinated plan to reach and help as many homeowners as possible.

While Ocwen had been following nearly all of the procedures -- as a way of
handling the subprime crisis and mitigating its impact on all constituents,
including homeowners and investors, well before the Alliance set the guidelines
-- the company actively supports the idea of an industry standard that assures
homeowners are dealt with in a uniform and timely manner.

"The HOPE NOW guidelines will greatly aid in the prevention of foreclosures,"
said Mr. Faris. "We agree with HOPE NOW that a proactive effort to modify
problem loans represents the best solution for everyone in this difficult
environment. Not only does modification give distressed homeowners a much
greater chance of staying in their homes, it benefits investors by getting
delinquent loans re-performing and cash flowing again. Compared to the
alternative -- foreclosure -- loan modification is better in virtually every
case. Foreclosure means a big loss and is good for no one.

"We are committed to continuing to be our industry's leader in loss mitigation.
It's both good business and the right thing to do -- for everyone involved," he
added.

He pointed out that Ocwen has been taking steps to handle a spike in
delinquencies since the beginning of the subprime crisis. The company increased
its loss mitigation staff by 23% in 2007, and so far in 2008 it has increased
staffing again by 50%. Ocwen has also forged alliances with a range of housing
advocacy groups as part of its effort to reduce foreclosure, help customers stay
in their homes and keep loans performing. In nearly eight out of 10 cases when a
customer anticipates trouble making payments or is delinquent, Ocwen is able to
work with the homeowner on a solution that lets him or her keep the house and
avoid foreclosure.

About Ocwen

Ocwen Financial Corporation is a leading business process outsourcing provider
to the financial services industry, specializing in loan servicing, mortgage
fulfillment and receivables management services. Ocwen is headquartered in West
Palm Beach, Florida with offices in Arizona, California, Florida, Georgia,
Illinois and New York, and global operations in Canada, Germany and India.
Utilizing our global infrastructure, state of the art technology, world-class
training and six sigma processes, we provide solutions that make our clients'
loans worth more. Additional information is available at www.ocwen.com.

Forward-Looking Statements

This news release contains forward-looking statements regarding foreclosure
prevention strategies within the meaning of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Important factors that could cause actual outcomes to differ materially
from those suggested by the forward-looking statements include, but are not
limited to, the following: general economic and market conditions, prevailing
interest or currency exchange rates, governmental regulations and policies and
international political and economic uncertainty, as well as other factors
detailed in Company's reports and filings with the SEC, including its periodic
reports on Form 10-K for the year ended December 31, 2007, Form 10-Q for the
quarter ended March 31, 2008, and Form 8-K. The forward-looking statements speak
only as of the date they are made and should not be relied upon. The Company
undertakes no obligation to update or revise the forward-looking statements.

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CONTACT: Ocwen Financial Corporation
         Paul A. Koches, Executive Vice President
           and General Counsel
         (561) 682-8256
         Paul.Koches@ocwen.com