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Ocwen Stock Surges on Restructuring Efforts

Posted To: MND NewsWire

Down but not out. It ain’t over ’til its over… All available clichés may apply to Ocwen Financial Corporation. At least the corporation hopes so. The company’s stock surged yesterday on news it is moving aggressively to counteract what appeared to be a near fatal triple whammy last month. On April 20 both the Consumer Financial Protection Agency (CFPB) and the State of Florida sued Ocwen and its subsidiaries for, in the words of the federal suit, ” failing borrowers at every stage of the mortgage servicing process.” The suit charged mishandling of escrow accounts, maintaining inaccurate customer files, and wrongfully initiating foreclosure proceedings against at least 1,000 people, foreclosing on some, and other deceptive and illegal processes. The same day, North Carolina’s Banking…(read more)

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Source: Mortgage News Daily

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