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                                                                    Exhibit 99.1

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      OCWEN

                                              Ocwen Financial Corporation(R)
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 FOR IMMEDIATE RELEASE




                      Thrift Clarifies Trade Press Sidebar

West Palm Beach, FL (July 19, 2004) - Ocwen Financial Corporation (NYSE:OCN)
wishes to clarify certain statements concerning its subsidiary, Ocwen Federal
Bank FSB ("the Bank"), appearing in the June, 2004 edition of the American
Banker (sidebar article at page 10, "Update: Where Ocwen Stands with Regulators,
Litigators").

The quote in the American Banker article characterizing the April 19, 2004
Supervisory Agreement between the Bank and the Office of Thrift Supervision
("OTS") as a "statement of best practices" as well as the heading of our prior
press release of April 20, 2004 require clarification. It was not Ocwen's
intention to suggest that the Supervisory Agreement stated that the Bank had in
fact adopted all of the best practices required in mortgage loan servicing. In
this regard, the Bank has been advised that the OTS does not consider the
Supervisory Agreement a "best practices" document.

While a number of the items in the Supervisory Agreement had previously been
implemented by the Bank on its own initiative, the OTS went further and imposed
several additional prospective remedial measures, including:

     o    The adoption and implementation of a Borrower-Oriented Customer
          Service Plan to meet or exceed legal requirements and be responsive to
          borrowers' needs, and a Dispute Resolution Initiative Plan to improve
          the manner and reduce the time in which the Bank appropriately
          resolves consumer complaints;
     o    The cessation of the practice of charging fees for Forbearance
          Agreements; and
     o    To use best efforts to provide pay-off quotes within five days, with
          an outside limit of seven days, and to make certain informational
          disclosures in all pay-off and loan reinstatement quotes.

In addition, the Supervisory Agreement imposed on the Bank certain improvements
to pre-existing loan servicing policies and procedures, such as:

     o    Providing certain reports to OTS regarding the activities of the
          Bank's Office of Consumer Ombudsman, a function previously implemented
          in January of this year; and
     o    Sending the second notice to borrowers of a lapse of hazard insurance
          via certified mail, rather than regular mail, as a prerequisite to
          force-placing of hazard insurance.

The complete text of the Supervisory Agreement is available at
www.ots.treas.gov/enforcement/docs/93606.pdf.

Further clarification is required regarding the American Banker sidebar quote to
the effect that "[e]verything in there [the Supervisory Agreement], we have been
doing for years, except for one minor thing." First, that statement was intended
to pertain solely to the force-placed insurance section of the Supervisory
Agreement, not the entire Agreement, and specifically the new requirement to use
certified mail for the second notice, as noted above. Second, in the interest of
accuracy, it should also be noted that the Bank did not, until the fourth
quarter of 2003, accept verbal confirmation from borrowers regarding the
existence of existing insurance coverage.

We should also point out that the sidebar statement about the favorable
comparison between Ocwen and Fairbanks Capital was offered solely as an opinion
of Ocwen and was not intended to express any view on the part of the OTS.

In conclusion, Ocwen continues to implement the requirements of the Supervisory
Agreement with a view toward improving and refining mortgage servicing
techniques that are fair to consumers and investors.

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