If you are a shareholder who purchased Ocwen securities between May 11, 2015 and April 19, 2017, both dates inclusive, you have until June 20, 2017 to ask the Court to appoint you as Lead Plaintiff for the class. To discuss this action, contact David P. Abel at email@example.com.
Ocwen Financial Corporation is diversified financial services holding company. The Company’s primary businesses are the acquisition, servicing, and resolution of sub-performing and nonperforming residential and commercial mortgage loans, as well as the related development of loan servicing technology and business-to-business e-commerce solutions for the mortgage and real estate industries.
On April 20, 2017, the U.S. Consumer Financial Protection Bureau issued a press release entitled “Consumer Financial Protection Bureau sues Ocwen for failing borrowers throughout mortgage servicing process,” reporting that the Company had generated errors in borrowers’ accounts, failed to credit payments, illegally foreclosed on homeowners, and charged borrowers for add-on products without their consent.
On that same day, it was further reported that the North Carolina Office of the Commissioner of Banks and state regulators from more than twenty states issued a cease-and-desist order to Ocwen’s subsidiaries as a result of the Company’s mishandling of consumer escrow accounts and a deficient financial condition. The Order “specifically prohibits the acquisition of new mortgage servicing rights and the origination of mortgage loans by Ocwen Loan Servicing (NMLS number 1852), a subsidiary of Ocwen, until the company is able to prove it can appropriately manage its consumer mortgage escrow accounts.”
On this news, Ocwen’s share price fell $2.91, or 53.89%, to close at $2.49 on April 20, 2017
U.S. Market Advisors Law Group PLLC is a law firm based in Washington, D.C. The firm represents investors worldwide in U.S. securities class action lawsuits.
David P. Abel
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