- Ocwen Financial (OCN +2.2%) files two emergency motions requesting immediate court actions restraining the cease and desist orders brought last week by Illinois and Massachusetts.
- Ocwen notes the "new" allegations aren't from a recent assessment of its business, but from a 2015 multi-state examination which covered activities from 2013-2015.
- In the years since, Ocwen and its board have been in regular communication with state regulators (including those from IL and MA) about operational enhancements it's made.
- The company plans to appeal or respond to each of the remaining state mortgage regulators in coming days.
- The suits are notable as they represent an about-face for Ocwen which previously has responded in "tail-between-the-legs" fashion whenever a regulator came knocking.
- Altisource Portfolio Solutions (ASPS +1.9%), New Residential (NRZ +1.8%), Nationstar Mortgage (NSM -1.2%), Walter Investment (WAC -0.9%), PHH (PHH -0.8%)
- Now read: Flagstar Bancorp +2.15% after Q1 beat
Original article