Exhibit 99.2
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OCWEN

[LOGO OMITTED]                                    Ocwen Financial Corporation(R)
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FOR IMMEDIATE RELEASE             FOR FURTHER INFORMATION CONTACT:
                                       Robert J. Leist, Jr.
                                       Vice President & Chief Accounting Officer
                                       T: (561) 682-7958
                                       E: rleist@ocwen.com


                    COURT THROWS OUT DAMAGES VERDICT AGAINST
                 OCWEN FEDERAL BANK AND OCWEN TECHNOLOGY XCHANGE


West Palm Beach, FL (July 20, 2004) - Ocwen Federal Bank FSB and Ocwen
Technology Xchange, Inc., both wholly-owned subsidiaries of Ocwen Financial
Corporation (NYSE:OCN), learned yesterday that a federal judge in Denver,
Colorado threw out a $9.3 million jury verdict in a trade secrets case brought
by a former real estate valuation vendor, Cartel Asset Management, Inc.
("Cartel"). The lawsuit does not involve challenges to Ocwen Federal Bank's core
Residential Loan Servicing practices.

In vacating the jury's July 9, 2004 verdict and ordering a new trial on damages,
U.S. District Judge Phillip S. Figa held that "assumptions in Cartel's damages
testimony and in the evidence generally render its damages case of `junk'
quality." The Court described Cartel's damages allegation variously as
"untenable as a matter of law," "highly questionable and speculative. Indeed, it
is flat-out wrong."

The Court's order also vacated the punitive damage component of the jury's
verdict. "Because punitive damages require a correlation with the magnitude of
the injury and the actual damages," wrote Judge Figa, "they too were improperly
awarded as a matter of law."

The parties were ordered to appear for a scheduling conference with the Court on
September 10, 2004.

Ocwen Financial Corporation is a diversified financial services holding company
with headquarters in West Palm Beach, Florida and operations in India, Japan and
Taiwan. Ocwen Financial Corporation is engaged in a variety of businesses
related to residential and commercial mortgage servicing, real estate asset
management, asset recovery, global outsourcing and the marketing and sales of
technology solutions to third parties. Ocwen Financial Corporation is a global
leader in customer service excellence as a result of our company-wide commitment
to quality, integrity and accountability. Additional information about Ocwen
Financial Corporation is available at www.ocwen.com.

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