Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

          Date of Report (Date of earliest event reported): May 5, 2006

                                [GRAPHIC OMITTED]

                           Ocwen Financial Corporation
             (Exact name of registrant as specified in its charter)

          Florida                     1-13219                 65-0039856
(State or other jurisdiction        (Commission             (IRS Employer
      of Incorporation)             File Number)          Identification No.)

               1661 Worthington Road
                    Suite 100
             West Palm Beach, Florida                           33409
     (Address of principal executive offices)                 (Zip Code)

       Registrant's telephone number, including area code: (561) 682-8000

                                 Not Applicable
          (Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the Registrant under any of the
following provisions:

[ ]  Written communications pursuant to Rule 425 under the Securities Act
     (17 CFR 230.425)

[ ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act
     (17 CFR 240.14a-12)

[ ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the
     Exchange Act (17 CFR 240.14d-2(b))

[ ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the
     Exchange Act (17 CFR 240.13e-4(c))

Section 1 - Registrant's Business and Operations

    Item 1.01 Entry into a Material Definitive Agreement

         On May 5, 2006, Ocwen Financial Corporation (the "Company") entered
into a Stock Repurchase Agreement with Wishco, Inc. ("Wishco") whereby the
Company agreed to purchase 1,000,000 shares of Common Stock, par value $.01 per
share, of the Company owned by Wishco (the "Shares") at a price of $11.00 per
share,. The aggregate purchase price for the Shares was $11,000,000, which was
paid on May 9, 2006, in accordance with the terms of the Stock Repurchase

         The foregoing description of the Stock Repurchase Agreement does not
purport to be complete and is qualified in its entirety by reference to the full
text of the Stock Repurchase Agreement, a copy of which is filed as Exhibit 10.1
hereto and incorporated herein by reference.

         Wishco is a holding company controlled by Barry N. Wish pursuant to his
ownership of 93.0% of Wishco's common stock. Mr. Wish is the Chairman Emeritus
and a director of the Company.

Section 9 - Financial Statements and Exhibits

    Item 9.01 Financial Statements and Exhibits.

         (a)      Financial statements of businesses acquired.

                  (1)      None.

         (b)      Pro forma financial information.

                  (2)      None.

         (d)      Exhibits.

                  10.1     Stock Repurchase Agreement between Wishco, Inc. and
                           Ocwen Financial Corporation, dated as of May 5, 2006.


Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                       OCWEN FINANCIAL CORPORATION

Date: May 11, 2006                     By: /s/ WILLIAM C. ERBEY
                                           William C. Erbey
                                           Chief Executive Officer