June 18, 2009 (FinancialWire) — LaCrosse Global Fund Services and Ocwen Financial Corp. (NYSE: OCN) announced the introduction of a specialized suite of services available to investment funds investing in U.S.-based loans, mortgages and distressed assets.

Ocwen will provide seamless integration of its innovative mortgage servicing and valuation offerings to customers of LaCrosseMortgage+(tm), a specialized fund administration and middle-office support package for investment funds that trade in whole loans.

Rapid growth in fund structures aimed at investments in commercial mortgages, residential mortgages, mortgage-backed securities and related derivatives requires increasingly high levels of service requirements in the real estate arena. To meet this need, the new partnership offers a complete back office solution that includes fund administration services and progressive real estate expertise in loan servicing and valuation. LaCrosse and Ocwen will work together to develop solutions to meet clients’ specific needs in these areas.

The partnership between Ocwen and LaCrosse responds to the recent market growth of financial institutions being forced to divest these distressed and non-performing assets from their balance sheets. As the markets and investors have witnessed, the failure to fully understand the complexities of servicing, valuation and exit strategies of these assets by investors has resulted in massive portfolio write downs and devaluation of pricing.

Specific components of LaCrosseMortgage+ offered by LaCrosse include fund administration for the investment pool and related entities, as well as middle-office and operational support for any securitized or derivatives trading. Services offered by Ocwen as part of this partnership include valuation, due diligence, forensics and a full suite of services to support pre-foreclosure, foreclosure and real-estate owned assets.

LaCrosse Global Fund Services is a provider of operations, middle-office and administration services to managers of complex hedge funds globally. Ocwen Financial Corp. is a leading asset manager and business process solutions provider specializing in loan servicing, special servicing and mortgage services.

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