Ocwen Financial Corp (NYSE:OCN), the fourth largest servicer of mortgage loans in the US, is under investigation by Benjamin Lawsky, New York State’s superintendent of financial services for its relationships with related businesses. The concern is borrowers may be harmed due to the close financial ties among related companies, as well as questions being raised regarding the firm's capacity for growth.
The investigation comes on the heels of Moody's warning on the sector.
The stock is down nearly 7.5% in mid-afternoon trading.
Regulator notes “tangled web of conflicts”
An "ongoing review of Ocwen Financial Corp (NYSE:OCN)'s mortgage servicing practices has uncovered a number of potential conflicts of interest between Ocwen...
Login required to continue reading.
Setup a free account to get access to this article (no credit card required).
View Full Article
