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Regulators sue Ocwen Financial, say it mishandled mortgages

Regulators sue Ocwen Financial, say it mishandled mortgages

"If I could change systems tomorrow I would", the Ocwen executive said.

The Consumer Financial Protection Bureau isn't the only government institution seeking damages against Ocwen.

Now the shares of Ocwen Financial Corp. The Bureau also claims that Ocwen failed to send borrowers accurate periodic statements detailing the amount due, how payments were applied, total payments received, and other information. They now have a Dollars 9 price target on the stock.

Ocwen Financial Corporation was downgraded to "underweight" by analysts at Piper Jaffray.

Ocwen shares closed down 53.9 percent, their largest daily percentage decline ever.

Specifically, Johnson & Weaver's investigation seeks to determine if Ocwen has violated federal or state laws in connection with its business of servicing and originating mortgages.

For years, Ocwen failed to properly implement a wide range of basic functions to service home loans, the CFPB said.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock.




An issue of Ocwen Financial Corp (NYSE:OCN) debt fell 18% as a percentage of its face value during trading on Thursday. The stock traded with the volume of 64.45 Million shares in the last trading session. It has twelve month low of $1.29 and twelve month high of $6.15. The firm's market capitalization is $681.93 million. Company's distance from 20 day simple moving average is -52.65% and distance from 50-Day simple moving average is -50.80%.

Ocwen Financial Corp. (OCN) is now showing its ROA (Return on Assets) of -2.7%. California also lifted some restrictions on Ocwen this year.

The company's expected revenue in the current quarter to be 305.35 Million, seeing a projected current quarter growth of 80%, and per annum growth estimates over the next 5 year period of around 3%. Compass Point Upgrades the company's stock to Buy on 9/14/16 with no specific Price Target.

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A number of analysts have weighed in on OCN shares. Finally, Oppenheimer Holdings Inc. reaffirmed a "hold" rating on shares of Ocwen Financial Corp in a research report on Saturday, February 25th.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Bose George and Ben Chittenden have a yearly average return of 15.0% and a loss of 0.3% respectively.

Ocwen Financial Corp. (OCN) now has a consensus Price Target of $4.5. One analyst has rated the stock with a sell rating and five have given a hold rating to the company's stock. They now have a Dollars 4.5 price target on the stock.

The company said the allegations are "inaccurate and unfounded". Big banks were eager to shed business known as subprime mortgage servicing, both because of the relatively high levels of capital required to finance it and the investments in staff and systems that would likely be required. The Company's segments include Servicing, Lending, and Corporate Items and Other. In addition, the company offers investment and insurance products to its customers principally within its markets, as well as fund administration services to a range of mutual and other funds.

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